EthereumMax Cryptocurrency: Kim Kardashian sued for cryptocurrency scam

 Kim Kardashian is among the three celebrities facing a lawsuit from investors for promoting the EthereumMax cryptocurrency.

The other two are boxing star Floyd Mayweather and basketball player Paul Pierce. 

The creators of the cryptocurrency are also called to give explanations for Justice.

Despite its name, EthereumMax has no legal or other connection to Ethereum, the second most popular cryptocurrency globally.

The lawsuit alleges that EthereumMax used the "pump and dump" scam - which uses deceptive marketing to "inflate" the price of an asset sold to unsuspecting investors. Then those who have set up the fraud are liquidating en masse, and those who have bought the cryptocurrency are suddenly in significant losses.

Investors' representatives who have appealed to Justice claim that the creators of the cryptocurrency collaborated with a series of celebrities to promote it on social media and elsewhere with false or misleading statements about its value. 

This scam led to an artificial price increase, followed by a dive.

Former NBA player Paul Pierce is accused of promoting the cryptocurrency in a much-discussed Twitter post in May 2021, in which he praised EthereumMax's ability to "make money" for him. 

At the same time, Mayweather advertised it at a boxing match and a cryptocurrency conference.

Kim Kardashian posted it on Instagram (where she has 250 million followers) and wrote: This is not financial advice, but I share with you what my friends are telling me about EthereumMax.

The British market watchdog had pointed out that the post should be marked with an advertisement and had commented that it was probably "the financial promotion with the largest audience in history."

Our articles are for informational purposes only and do not replace specialized consulting services with professional experts.