Cryptocurrencies Kim Kardashian and Floyd Mayweather threatened with ‘pumping and dumping’ cryptocurrency lawsuit

Celebrities advertised the Ethereum Max cryptocurrency in 2021.

Several Americans familiar with the public are threatened with a lawsuit misleading investors into cryptocurrency marketing.

According to a lawsuit in a federal court in Los Angeles, public figures advertised the Ethereum Max cryptocurrency to prop up its price increase and collect profits for themselves “at the expense of their followers and investors”.

This is the so-called “pump and dump” phenomenon, in which the value of an investment product is first artificially increased and then the holdings are sold in the hope of a quick profit.

The public figures involved in the lawsuit are the entrepreneur, the reality TV star Kim Kardashian, a former professional boxer Floyd Mayweather and a former NBA basketball player Paul Pierce, according to the news agency Reuters and the newspaper The Wall Street Journal.

Kardashian marketed Ethereum Max in its Instagram update in June 2021. At that time, he had 250 million followers in the app.

See also  Ukrainian war: Martvienko, Tsarina of Pesaro and friend of Putin on the run

“Interested in crypts?” Kardashian wrote in his update stating that it was not investment advice. He said he wanted to share “what friends just said” about Ethereum Max. According to the application, the update contained the word ‘ad’ to indicate that it was paid content.

Kardashian was criticized in the case earlier because he did not tell his followers that the currency had only been created a month earlier and its developers were not known.

Mayweather advertised cryptocurrency in her boxing shorts, among other things, in her match with a tubettaja Logan Paulia against. Pierce, on the other hand, advertised the product on her Twitter account.

The Ethereum Max cryptocurrency was prominently featured in former professional boxer Floyd Mayweather’s match against Youtube star Logan Paul in June 2021.

In the action the company Ethereum Max itself and its management are also mentioned. The company denies the allegations.

See also  Berlusconi, Tajani: "The children will decide what to do". Temptation Navy leader

“The misleading narrative associated with the recent allegations is full of misinformation,” the company commented.

The initiator of the lawsuit is a New Yorker who bought Ethereum Maxia and lost the money he invested. According to Reuters, the lawsuit is open to those who have purchased the cryptocurrency in question from mid-May to the end of June 2021. The lawsuit seeks monetary compensation and restitution of the accused profits.

.
#Cryptocurrencies #Kim #Kardashian #Floyd #Mayweather #threatened #pumping #dumping #cryptocurrency #lawsuit

Related Posts

Next Post

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended