Cryptocurrency investors are suing Kim Kardashian, Floyd Mayweather, and former Boston Celtics star Paul Pierce for allegedly promoting a crypto token that goes by the name EthereumMax.
A resident from New York, Ryan Heugerich, brought the firm behind the cryptocurrency known as EthereumMax or EMAX, as well as the big names who have allegedly helped promote it to a larger audience, to the federal court, as per the news story by RollingStone.
Crypto Investors Sue Kim Kardashian, Floyd Mayweather
The class-action lawsuit, which was filed in the federal court of California, also claimed that EMAX was a "pump-and-dump scam."
The New York resident said that he filed the lawsuit on behalf of the other investors of the EMAX token from the span of May 14 up to June 27, 2021.
Heugerich further noted that the conduct of the defendants in the lawsuit, including Mayweather, Kardashian, and Pierce, has ended him up suffering "investment losses."
It is worth noting that the class-action lawsuit further added that the value of the EMAX crypto went down by 98%.
Kim Kardashian and EMAX Crypto
According to the report by Business Insider, Kardashian promoted EthereumMax through an Instagram Story advertisement on her account way back in June 2021.
Meanwhile, RollingStone noted that her Instagram account carried a whopping 250 million followers.
In her Instagram Story post, Kardashian allegedly began by asking her followers this question: "Are you guys into crypto?"
The post went on with a disclaimer saying that "this is not financial advice." Instead, Kardashian is only "sharing what my friend just told me about the Ethereum Max token."
The advertisement concluded by inviting the viewers of her Instagram post to "swipe up to join the e-max community." What's more, the post sported hashtags, such as "Ad," "WTFEmax," and "DisruptHistory."
Floyd Mayweather and EMAX Crypto
On the other hand, the EMAX token was dubbed as the "exclusive Cryptocurrency" for buying tickets for the highly publicized Logan Paul vs. Floyd Mayweather boxing fight.
The class-action complaint said that the press release of the boxing match even provided exclusive bonuses for those who are paying for their tickets using the EMAX token.
On top of that, the boxing figure also allegedly went to the Bitcoin event with an entourage sporting EMAX shirts.
Meanwhile, Mayweather also allegedly flaunted an EMAX logo on the shorts that he was wearing during his match against YouTube personality Paul.
The defendants of the class-action complaint have yet to issue their statements regarding the accusations.
This article is owned by Tech Times
Written by Teejay Boris