Skip to main content

KIM KARDASHIAN, FLOYD MAYWEATHER SUED OVER PROMOTION OF CRYPTO TOKEN

Kim Kardashian, Floyd Mayweather sued over promotion of crypto token

Kim Kardashian and Floyd Mayweather Jr have been sued in the US over promotion of cryptocurrency called EthereumMax and for allegedly scamming investors.  

A class action lawsuit filed last Friday in the U.S. District Court for the Central District of California accuses EthereumMax and its celebrity promoters of working together to artificially inflate the price of the token by making “false or misleading statements” in social media posts.

Kardashian caused a stir last year when she made an Instagram post promoting the EthereumMax token. “Are you guys into crypto????” Kardashian wrote. “This is not financial advice but sharing what my friends just told me about the Ethereum Max token!”

Kardashian included the hashtag #ad in the message, suggesting she was paid to promote it. It’s not clear if Kardashian was paid by EthereumMax, though estimates have placed her fee per sponsored Instagram post in the $500,000 to $1 million range.

Meanwhile, Mayweather endorsed the token in his boxing match with YouTube star Logan Paul. EthereumMax was accepted as payment for tickets to the event, a move the lawsuit claims boosted trading volumes sharply.

Mayweather also promoted EthereumMax at a major bitcoin conference in Miami, and was subsequently booed off stage. Mayweather doesn’t appear to have disclosed payment for his promotion of the token, the lawsuit said.

The lawsuit claims that plaintiff Ryan Huegerich, a New York resident, and other investors who purchased EthereumMax tokens between May 14, 2021, and June 17, 2021, suffered losses as a result of the celebrities’ conduct.

EthereumMax has lost around 97 percent of its value since early June, leading some investors to label it as a “pump and dump” scheme where scammers attempt to boost the price of an asset through false or misleading statements. The accusation features in Huegerich’s lawsuit, which accuses Kardashian and Mayweather of “shilling” EthereumMax.




Comments

Popular posts from this blog

Countries Accepting Nigerians Seeking Second Citizenship

  Countries Accepting Nigerians Seeking Second Citizenship Nigerians are able to access the following citizenship and immigration programs: The Caribbean Second Citizenship Programs, Caribbean nations like St. Kitts & Nevis, St. Lucia and Grenada offer second citizenship through their respective Citizenship-by-Investment programs. A holder of one of these passports may travel visa free to about 135 countries, including all European Union countries, the UK, Russia, Turkey, Singapore and Hong Kong. Holding a citizenship from one of these respected countries may also make it easier to obtain residency status or study in other countries, and allows political security and makes it easier to open bank accounts in foreign jurisdictions. To qualify, an applicant needs to be of good reputation and make a government donation of at least $100,000 USD after approval of their citizenship application.  Approval of a Citizenship-by-Investment application normally takes about 3 months, a...

EXCLUSIVE BREAST MILK IS THE BEST ONDO FIRST LADY TELLS NURSING MOTHERS AT BREASTFEEDING WEEK CELEBRATION

    Government Stresses Importance of Breast milk for Children as  Ondo State Celebrates Commencement of World Breastfeeding  Week   . ....525 nursing mothers breastfeed children. Ondo State on Friday joined the rest of Nigeria and the International Community in the celebration of 2024 World Breastfeeding Week. In a message to the event, held at the International Event Centre,  The Dome, in Akure, the First Lady, Mrs. Oluwaseun Aiyedatiwa emphasized the critical importance of initiating breastfeeding within the first hour of birth and maintaining exclusive breastfeeding for the first six months. The wife of the Governor, who was represented by Commissioner for Women Affairs, Mrs. Lola Fagbemi, reiterated that workplaces in the state are being adapted to support nursing mothers, highlighting the state's commitment to providing conducive environments for breastfeeding. She noted that Ondo State places significant priority on maternity leave for nursing ...

INFRASTRUCTURE MINISTRY CELEBRATES PASTOR BABALOLA FOR TRANSFORMATIVE LEADERSHIP

Ministry Celebrates Pastor Babalola for Transformative Leadership  The Ministry of Works and Infrastructure has honored Pastor Joseph Ayoade Babalola, the immediate past Special Adviser to the Governor on Infrastructure, Lands, and Housing, for his exceptional leadership, character, and contributions during his tenure. The event, held at the Ministry’s headquarters, was attended by top government officials and staff, who described Pastor Babalola as a visionary leader, a mentor, and a team player who exemplified humility and a strong work ethic. Speaking at the ceremony, the Administrative Secretary of the Ministry, Engineer Akinluyi Omotola, emphasized the need to celebrate Babalola’s legacy, which, according to him, left an indelible mark on the Ministry. “Pastor Babalola brought a new dimension to leadership during his short but impactful tenure. He fostered unity, love, and inclusion, ensuring that no officer was sidelined or marginalized. His humility, openness, and respect fo...