Kim Kardashian and Floyd Mayweather sued for promoting Cryptocurrency

Kim Kardashian and Floyd Mayweather sued for promoting a Cryptocurrency token. Let’s find out more details about this suit.

Introduction

Social Media personality Kim Kardashian and Undefeated former world champion, boxing legend, Floyd Mayweather Jr. are facing a lawsuit alleging that these personalities posted misleading posts that made investors buy the Cryptocurrency token, EthereumMax.

Background

On the 7th of January, in the Los Angeles federal court, a lawsuit was filed against Kardashian and Mayweather. The lawsuit alleged that the celebrities promoted the tokens to pump its price and profit off them “at the expense of their followers and investors.”

The lawsuit further added that “The company’s executives, collaborating with several celebrity promoters … made false or misleading statements about EthereumMax through social media advertisements and other promotional activities.”

As per the lawsuit, Kim Kardashian posted a promotional post in a June 2021 on her Instagram account. The lawsuit also mentioned that she had 250 million followers at that point of time.

The actions of the accused parties that led to the accusation

“Are you guys into crypto?” Kardashian asked in the post, after that she said that “this is not financial advice”, but that she wants to ask about “what my friends just told me” about the EthereumMax or EMAX token. She also had the #AD hashtag to show the post was a paid promotion, the lawsuit added.

Meanwhile, Boxing legend Floyd Mayweather Jr wore boxing trunks with the Token’s name in an exhibition fight against YouTube star Logan Paul in June 2021.

Response of the accused parties

Kardashian and Mayweather are yet to give their comments on this controversy. However, EthereumMax, the company named in the lawsuit has released a statement on this topic. The company said that “The deceptive narrative associated with the recent allegations is riddled with misinformation about the EthereumMax project.” They further added that they “dispute the allegations and look forward to the truth coming out.”

The Plaintiff and the suit

The lawsuit was by a New York resident who Invested in the tokens and lost money. Also, this lawsuit is put forward as a class-action suit. Meaning anyone who bought the tokens from May to June 2021 is eligible for the claim.

Conclusion

Kim Kardashian and Floyd Mayweather sued for promoting a Cryptocurrency token. Let’s see how long will it take for the parties to resolve the suit.

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  • Kardashian and Mayweather: Artwork : Saifi Aleem

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