cryptoknowmics.com
A lawsuit claims that reality TV star Kim Kardashian and boxing icon Floyd Mayweather Jr. misled investors in their promotion of a cryptocurrency token.
The case, filed in federal court in Los Angeles on January 7, claims that the celebrities promoted EthereumMax, or EMAX, tokens in order to enhance their price and profit ‘at the expense of their fans and investors.’
Kardashian endorsed EthereumMax in a June 2021 Instagram post, when she had 250 million followers, according to the lawsuit.
'Are you guys into crypto?' she wrote in the post, followed by the disclaimer 'this is not financial advice', but that she wanted to share 'what my friends just told me' about the EthereumMax tokens. She included the #AD hashtag to show the post was a paid advertisement, the lawsuit said.
Mayweather wore EthereumMax on his boxing trunks during a high-profile battle with YouTube sensation Logan Paul in June, among other instances.
Requests for a response from Kardashian and Mayweather's representatives were not immediately returned.
The company, EthereumMax, was also mentioned in the suit.
The complaint, which was filed by a New York citizen who lost money after purchasing EMAX tokens, is being presented as a class-action suit for everyone who purchased EMAX tokens between mid-May and late-June 2021.
The defendants are being sued for reparations and profit disgorgement.