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Tuesday, January 18, 2022

Kim Kardashian, Floyd Mayweather sued over promotion of crypto tokens

The lawsuit, filed on January 7 in Los Angeles federal court, claims that celebrities touted the token sold by EthereumMax, or EMAX, in order to increase its price and profit themselves “at the expense of their followers and investors.”

“Company executives, in collaboration with several celebrity promoters, made false or misleading statements about EthereumMAX through social media advertisements and other promotional activities,” the lawsuit states.

According to the lawsuit, Kardashian promoted Ethereummax in a post on Instagram from June 2021, when she had 250 million followers.

“Are you guys into crypto?” She wrote in the post, followed by a disclaimer “this is not financial advice”, but she wanted to share “what my friends just told me” about the EthereumMax token. The lawsuit states that he included the #AD hashtag to make the post appear to be a paid ad.

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Mayweather promoted EthereumMax on his boxed trunk during a widely-viewed fight with YouTube star Logan Paul in June.

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

The company Ethereummax was also named in the lawsuit.

“The misleading narrative surrounding the recent allegations is fueled by misinformation regarding the Ethereum MAX project,” Ethereum MAX said in a statement. “We dispute the allegations and expect the truth to emerge.”

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

The case seeks restoration of compensation and misappropriation of profits by the defendants.

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World Nation News Deskhttps://www.worldnationnews.com
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