Kim Kardashian and Floyd Mayweather have been included in a class-action lawsuit for their marketing of the now-defunct cryptocurrency EthereumMax.
According to the Hollywood Reporter, the lawsuit was filed in federal court in California on Friday, accusing the stars of conspiring with EMAX co-founders Steve Gentile and Giovanni Perone in an organized
pump-and-dump scheme that “caused investors to purchase these losing investments at inflated prices.”
The celebrities are accused of peddling worthless tokens, according to the lawsuit.
“The Company’s executives, collaborating with several celebrity promotors, (a) made false or misleading statements to investors about EthereumMax through social media advertisements and other promotional activities and (b) disguised their control over EthereumMax and a significant percent of the EMAX Tokens that were available for public trading during the Relevant Period,” the complaint reads.
Complex adds that back in June, Kim promoted EthereumMax to her 250 million followers on Instagram, saying: “Are you guys into crypto?Huh?” Kim wrote. “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—literally 50% of their admin wallet giving back to the entire E-Max community.”
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