Kim Kardashian and Floyd Mayweather sued over crypto
A rogue crypto has persuaded the likes of Kim Kardashian and Floyd Mayweather to promote their currency. That will now be taken to court.
You may be able to get something to buy thanks to advertising or promotion. But when it’s praised by a well-known public figure, you may be even more willing to show interest. That is also dangerous, because those figures in turn must be well informed about what they are promoting. Sometimes the company in question is not completely clean, despite famous people who have used it.
Kim Kardashian and Floyd Mayweather tout crypto
That happened with EthereumMax. This somewhat dubious crypto caused a furore in mid-2021 with advertising stunts. For example, you could use the coin to buy tickets for a fight between Floyd Mayweather against Logan Paul in 2021 and if you follow Kim Kardashian on Instagram, you had to have the coin according to the popular Instagram star. For example, EthereumMax shot from a tiny value to a high number. Which of course a crypto often does.
Pump and dump
But it turned out to be all hot air. For example, the people who help promote and the creators themselves walk away with the money, but the investors (who have pushed up the price) have invested their money without getting it back. The latter is therefore the party that is filing a lawsuit against Kardashian and Mayweather, among others. They are accused of participating in a ‘pump and dump’, where a lot of attention (and therefore money) is pumped into crypto or stocks and then dumped when the loot is in.
No one from Mayweather or Kardashian has yet commented on the charge, so it will be announced later if this will get any further. (via CNET)
