Kim Kardashian, Floyd Mayweather, Paul Pierce Sued Over Ethereum Max Promotion

One investor is arguing he was unduly influenced by the social media influencers. Read the full article by Jeff Benson “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

Not long ago we were seeing celebrities promoting scam coins all over Instagram and other social media. Over last summer Kim Kardashian, Floyd Mayweather, and Paul Pierce all promoted Ethereum Max which has lost most of its value since then. The three of them specifically are now being sued by an upset investor.

The investor claims that all three celebrities and co-founders of Ethereum Max, Steve Gentile, and Giovanni Perone, colluded together to pump and dump the price of the token. On May 31 the price of ETH max hit $0.000000597636 and the price is now 97% lower.

"Defendants touted the prospects of the company and the ability for investors to make significant returns due to the favorable 'tokenomics' of the EMAX Tokens," Huegerich argued in a complaint filed in the U.S. District Court of the Central District of California. "In truth, defendants marketed the EMAX Tokens to investors so that they could sell their portion of the float for a profit."

Floyd Mayweather wore a shirt promoting Ethereum max before his match with Logan Paul last year. This is not the first time Floyd has been reprimanded for the promotion of digital tokens. In 2018 Mayweather was fined by the SEC for promoting an ICO without disclosing to them that he had been paid to do so. Kim Kardashian even posted #AD on her Instagram post about the token but even that was not enough to keep her in the clear.

It is good to see that someone is trying to give celebrities heat for promoting things that are blatant scams just trying to ride a wave. Ethereum Max has not responded to the story yet but they are pretty much already dead with only $150,000 in trading volume for the last 24 hours.