Kim Kardashian and Floyd Mayweather sued over crypto token

LOS ANGELES – Reality TV star Kim Kardashian and boxing legend Floyd Mayweather Jr. face a lawsuit alleging celebrities misled investors into promoting a cryptocurrency token.

The lawsuit, filed Jan. 7 in federal court in Los Angeles, claims celebrities have touted tokens sold by EthereumMax, or EMAX, in order to increase its price and make a profit “at the expense of their subscribers and investors.” .

“Company executives, working with several celebrity promoters… have made false or misleading statements about EthereumMax through social media ads and other promotional activity,” the lawsuit said.

According to the lawsuit, Kardashian promoted EthereumMax in a June 2021 Instagram post when it had 250 million followers.

“Do you like crypto? She wrote in the post, followed by the warning “this is not financial advice” but wanted to share “what my friends just told me” about EthereumMax tokens. She included the hashtag #AD to show that the post was a paid advertisement, according to the lawsuit.

Mayweather promoted EthereumMax on his boxing trunks during a widely viewed fight with YouTube star Logan Paul in June, among others.

Representatives for Kardashian and Mayweather did not immediately respond to requests for comment.

EthereumMax, the company, was also named in the lawsuit.

“The misleading account associated with the recent allegations is riddled with misinformation about the EthereumMax project,” EthereumMax said in a statement. “We dispute the allegations and eagerly await the truth to come to light.”

The lawsuit, filed by a New York resident who bought EMAX tokens and lost money, is offered as a class action lawsuit for anyone who purchased EMAX tokens from mid-May to the end of June 2021.

The case demands restitution and restitution of profits by the defendants.

(Reporting by Lisa Richwine; Editing by Karishma Singh)


Leave a Comment