Kim Kardashian Among Three Celebrities Sued Over Crypto That Crashed After They Promoted It

In what is claimed to have been a ¡®pump and dump¡¯ act, American actress Kim Kardashian, former NBA star Paul Pierce, and Professional boxer Floyd Mayweather have been named among the defendants of a lawsuit regarding a cryptocurrency called EthereumMax.

They have been sued by investors in the EthereumMax crypto-currency. The cryptocurrency confirmed the same today, through this tweet.

The deceptive narrative associated with the recent allegations is riddled with misinformation about the EthereumMax project. We dispute the allegations & look forward to the truth coming out. Thank you #EMAX community for all of your ongoing support. #EthereumMax pic.twitter.com/RwML01cM4M

¡ª EthereumMax ? (@ethereum_max) January 12, 2022

As per the plaintiffs¡¯ claim, the celebrities used a ¡°pump and dump¡± scheme, which resulted in the crypto witnessing massive price swings around the period of May to July 2021.

All three of them had promoted cryptocurrency EthereumMax (which is unrelated to the cryptocurrency Ethereum) in different ways.

shutterstock

Also Read: Twitter Is Keeping Up With Kim Kardashian's 'Dark' Look At This Year's Met Gala With A Lot Of Memes

Kim Kardashian¡¯s Instagram Post

Last year (2021), after Kim¡¯s Instagram post saying ¡°Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max token! A few minutes ago Ethereum Max burned 400 trillion tokens ¡ª literally 50% of their admin wallet ¡ª giving back to the entire E-Max community." went viral, the price of EthereumMax crashed by more than 98%!

Kim¡¯s Instagram account is amongst the most popular ones, with 278 million followers at present.

Also Read: Former Twitter CEO Jack Dorsey Says Bitcoin Will Replace The US Dollar

What About NBA Player Paul Pierce?

As per the complaint, NBA player Paul Pierce had promoted EthereumMax in a "widely discussed" post on Twitter in May 2021, wherein he was praising EthereumMax's ability to make money for him".

And that¡¯s not all! Peirce, who was fired by ESPN after an Instagram Live video showed him disregarding COVID precautions while in a room with exotic dancers, had later tweeted this.

.@espn I don¡¯t need you. I got @ethereum_max I made more money with this crypto in the past month then I did with y¡¯all in a year. TRUTH shall set u Free ?? my own Bosshttps://t.co/3irnuWYve3 check it out for yourself

¡ª Paul Pierce (@paulpierce34) May 26, 2021

Floyd¡¯s Crypto 'Branding'

And just a week before Kim¡¯s post, Floyd Mayweather had promoted the cryptocurrency on June 6th 2021, during his exhibition match with YouTuber Logan Paul, with the crypto¡¯s website branded on the undefeated boxer¡¯s shorts.

Also Read: Bitcoin Soars After Elon Musk Says Tesla Would Accept Crypto If Mined Cleanly

AFP

Mayweather¡¯s Previous Crypto Lawsuits

Yes, this is not the first time that Floyd Mayweather has been involved in a crypto-related lawsuit. Previously in 2018, Mayweather was charged by the US Securities and Exchange Commission (SEC) for not disclosing a $100,000 payment he received for promoting an initial coin offering (ICO) in 2017.

Also Read: The Elon Musk Effect: Tesla CEO's Top Tweets Of 2021 That Sent The Crypto Market Crazy

For more of such interesting financial content and the latest news, click here.

Click here to download CRED.