Showbiz

Kim Kardashian and Floyd Mayweather are sued for fraud after promoting a cryptocurrency

Kim Kardashian and Floyd Mayweather are sued for fraud after promoting a

Kim Kardashian and Floyd Mayweather Jr. were sued for investor fraud in a cryptocurrency called EthereumMax.

The TV star and former boxing champion was paid to promote blockchain-based digital currencies to their fans, " pushing investors to buy these lost investments at high prices," according to the lawsuit filed in court.

Kardashian was denounced in September by a UK financial regulator for luring her 250 million followers on Instagram towards "crypto bubbles with illusions of quick fortune".

Kim Kardashian and Floyd Mayweather are sued for fraud after promoting a

Mayweather, one of the most well-known personalities in his sport, has previously clashed with regulators to promote investment in cryptocurrencies. He was fined by the United States Securities and Exchange Commission (SEC) in 2018 for promoting initial coin offerings on social media without revealing that he was paid to do so.

EMAX is described in the lawsuit as a "speculative digital token created by a mysterious group of cryptocurrency developers" who are also cited as defendants in the case.

"EthereumMax has nothing to do with the second largest cryptocurrency, Ethereum," according to the complaint. "It would be similar to marketing a restaurant like 'McDonald'sMax' when it has nothing to do with McDonald's other than the similarity of the name and the fact that both companies sell groceries."

The case was raised as a group lawsuit filed on behalf of all those who bought the EMAX tokens from mid-May to the end of June.

Tiranapost.al