Floyd Mayweather and Kim Kardashian Keeps Silence After Getting Sued Over Alleged Crypto Scam

Floyd Mayweather and Kim Kardashian Keeps Silence After Getting Sued Over Alleged Crypto Scam

Floyd Mayweather and Kim Kardashian

Floyd Mayweather and Kim Kardashian have found themselves facing legal charges for promoting and misleading investors to buy a cryptocurrency token called EthereumMax. 

According to the reports the action lawsuit was fixed last Friday in the Los Angeles federal court, it claimed that the celebrities misused their following to make false statements about EthereumMax through social media advertising along with other promotional options. 

The lawsuit also stated that both celebrities have promoted the token in the past. Mayweather advertised the EthereumMax token while he fought Logan Paul in an exhibition bout in June of 2021. During the fight, the legendary undefeated boxer wore boxing trunks with EthereumMax printed on it.

FS Video
Kim Kardashian
Kim Kardashian supporting EthereumMax

For the Pay-per-view event, EthereumMax was also accepted as payment for tickets. According to the lawsuit, it also helped the event to get more revenues. Floyd Mayweather was also seen promoting EthereumMax at a major bitcoin conference in Miami. 

On the other hand, Kardashian promoted EthereumMax by posting about it on her official Instagram account which has over 250 million followers. It was posted in June 2021 in which the internet personality urged her followers to check out the EthereumMax token.

“Are you guys into crypto???” This is not financial advice but sharing what my friends just told me about the EthereumMax token,” wrote Kardashian. At the end of the post, Kardashian added #ad which cleared the fact that it was a paid advertisement that she did for money.

Consequences on EthereumMax after lawsuit was filed against Kim Kardashian and Floyd Mayweather

Floyd Mayweather and Kim Kardashian
Floyd Mayweather and Kim Kardashian

In the aftermath of the fallout, EthereumMax has lost around 97 percent of its original value since June 2021. The situation was being referred to by many investors as a “pump and dump” scheme. In this case, people with influence or power mislead people in order to boost the price of an asset.

The lawsuit shed light that EthereumMax has attributes to be called the second-largest cryptocurrency in the market and its branding and marketing is done by other people in order to misguide the masses. The accusations regarding Kardashian and Mayweather feature the individuals creating false excitement and shilling of the EthereumMax tokens.

As of now, both representatives from Kardashian and Mayweather have not given any response regarding the matter. The lawsuit also called EthereumMax, the company which said that they dispute the accusations and are looking forward to the truth being unveiled.

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