What do Kim Kardashian, Floyd Mayweather and Paul Pierce have in common? That the three have massive accounts of followers on social networks and that for having promoted “misleading” cryptocurrencies today they are being sued by affected investors who followed their “recommendations”.
Business Insider revealed that the lawsuit alleges that celebrities tricked their fans into buying EMAX tokens that plummeted to 98% of their value.
The EthereumMax business model was backed by famous promoters from the world of entertainment and sports to cause artificial inflationsays the lawsuit.
Crypto investors are suing the personalities because they hold them responsible for misleading fans into buying EMAX tokens that they eventually lost virtually all of their value.
The lawsuit was filed by all the investors who bought EthereumMax tokens between May 14 and June 27, 2021.
Kim Kardashian took advantage of the fact that she has millions of followers on Instagram and posted an ad in June that read:
“Are you interested in cryptocurrencies? This is not financial advice, but to share what my friends just told me about the Ethereum Max token. A few minutes ago, Ethereum Max burned 400 billion tokens, literally 50% of its administrative wallet, giving back to the entire e-max community. Swipe up to join the e-max community.”
The announcement was effective, because according to the data intelligence company Morning Consult, the message reached approximately 1 in 5 American adults and 3 in 10 cryptocurrency owners.
In the case of Paul Pierce, the former NBA player, similarly recommended EMAX on Twitter on May 26, according to demand. On the same day, the cryptocurrency was announced as the “Exclusive Cryptocurrency Accepted for Online Ticket Purchase” for the boxing match between Floyd Mayweather and Logan Paul.
In July, EMAX sank to a historical low of 0.000000017 dollars per unitdescribes the demand.
The dissenters state that “In simple terms, the entire business model of EthereumMax is based on the constant use of promotional and marketing activities, often from ‘reliable’ celebrities, to mislead potential investors so that they trust the financial opportunities available with EMAX tokens.”
Kardashian, Pierce and Mayweather have not disclosed their position on the accusations involving them.
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