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Highlights
- Kim Kardashian and Floyd Mayweather Jr are being sued over the alleged crypto scam.
- Kim K and Floyd falsely advertised EMAX tokens last year, scamming millions of followers.
- The Company EMAX called the narrative confusing with misinformation.
Reality TV star Kim Kardashian and boxing champion Floyd Mayweather Jr are being sued over an alleged crypto scam. These celebrities, along with the company EthereumMax (EMAX) and others involved, face lawsuits for misleading investors for cryptocurrency token promotion.
The lawsuit was filed on 7 January in the Federal court, LA, that claims the celebrities touted tokens sold by the company EthereumMax to boost the price and earn profit at the cost of their investors and followers.
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As per the lawsuit, Kim K promoted the company through her Instagram post in June 2021, fooling her 250 million followers using the hashtag #AD to show it paid advertisement with a brand partner.
Meanwhile, Floyd also promoted the company via his boxing trunks. Later, an investor attracted by the alleged scam filed a complaint on behalf of himself and other token buyers. This lawsuit which a New York investor filed, is proposed as a class action suit for anyone who bought EMAX tokens from mid-May to late June 2021.
As per media reports, EMAX said the narrative associated with the recent allegations is confusing with misinformation.
Bottomline
As social media influencers are heavily paid for these advertisements, fans should always consider a thorough check before investing.