Kim Kardashian and Floyd Mayweather are in big trouble after allegedly artificially inflating the price of the cryptocurrency Ethereum.
We’ve all seen a friend or two jump to social media to talk up whichever crypto coin they’ve recently purchased in the hopes that their 654 followers will buy-in and increase the value of their new investment. Apparently, it’s a little different when Kim Kardashian does it.
Kim K and Floyd Money Mayweather have been caught out making “false or misleading statements” about the little known token in social media posts to their millions of fans.
A class-action lawsuit was filed last Friday in the U.S. District Court for the Central District of California which accused EtherealMax and the celebrities promoting it of artificially inflating the price of the coin.
Last year Kim K posted just like any other annoying mate who finally wrapped their head around cryptos saying: “Are you guys into crypto????”
“This is not financial advice but sharing what my friends just told me about the Ethereum Max token!”
While Kardashian did include the hashtag #ad in the message, it wasn’t clear how much she was paid by EthereumMax. The reality-star-gone-mogul had previously opened up about how much money she makes on IG, telling David Letterman that she makes more off an Insta post than she would from a whole season of KUWTK.
Mayweather was also seen endorsing the token for his boxing match against Logan Paul, where EthereumMax was accepted as payment for tickets. The lawsuit alleges the trading volumes went up drastically after the match.
Soon after, Pretty Boy Mayweather was booed off stage at The Bitcoin 2021 Conference after complimenting EthereumMax.
The lawsuit comes after new investors in EthereumMax have suffered severe losses as a result of the celebrities’ behaviour.
The coin is being called a pump and dump and a scam after seeing losses of around 97%.
If you’re a little confused because this coin sounds vaguely familiar but you thought it was doing well, don’t worry, that’s intentional. Ethereum is the second-largest cryptocurrency in the world, however, EthereumMax has no connection to the successful cryptocurrency and the lawsuit alleges that the branding is highly misleading.
Basically, the whole thing is super dodgy but still, a spokesperson for EthereumMax has stated that the lawsuit is total bs and is “riddled with misinformation”.
“This project has prided itself on being one of the most transparent and communicative projects in the cryptocurrency space,” the spokesperson said.
“We dispute the allegations and look forward to the truth coming out.”
In defence of the hype-riding coin, all inflation is artificial and the notion that crypto’s being endorsed by celebrities is different to any other stock is ridiculous. It’s all the same shit.
Keep hustling EthereumMax.