Home Entertainment Kim Kardashian and Floyd Mayweather accused of cryptocurrency fraud

Kim Kardashian and Floyd Mayweather accused of cryptocurrency fraud

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Kim Kardashian and Floyd Mayweather accused of cryptocurrency fraud

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Kim Kardashian and Floyd Mayweather are among the defendants in a class action lawsuit alleging cryptocurrency fraud.

The website for financial news, Finbold, announced that the class of plaintiffs was referring to the cryptocurrency EthereumMax.

The lawsuit states that the celebrities skyrocketed the value of the Ethereum digital currency so they could “sell their stake in the float for a profit.”

The plaintiffs included anyone who invested in the token between May 14 and June 27, 2021.

Prosecutors say the defendants committed a pump-and-dump scheme.

This happens when investors sell their stocks to make big bucks after orchestrating an increase in value.

Basketball player Paul Pierce is also one of the defendants in the class action lawsuit.

And after Mayweather, Kardashian, and Pierce promoted EthereumMax cryptocurrencies, they surged in value by 632%.

Kim Kardashian And Floyd Mayweather Accused Of Cryptocurrency Fraud - Light Home News
AP photo

Mayweather had the EthereumMax URL in his shorts on the day of his fight against Logan Paul.

While Kardashian shared EthereumMax on her Instagram Stories and invited everyone to get involved.

Morning Consult conducted a poll that revealed that 19% of respondents who saw Kardiashian’s post invested in EthereumMax.

A day after the release of the socialite, the value of the tokens plummeted by 98%.

That’s why the class action lawsuit charges Mayweather and Kardashian with cryptocurrency fraud.

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Reference from lanoticia