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Kim Kardashian and Floyd Mayweather Sued Over Cryptocurrency Promotions

Kim Kardashian and Floyd Mayweather were sued in a class action lawsuit in the United States District Court for the Central District of California on January 7, 2022 over their promotion of the cryptocurrency token EthereumMax (EMAX). The celebrities were named as co-defendants with the creators of the cryptocurrency, and are alleged to have helped bilk millions from investors.

What is EMAX?EMAX was launched in May 2021. Soon thereafter, the creators of the token announced that they were partnering with Floyd Mayweather, including by acting as the exclusive cryptocurrency of a boxing match between Mayweather and Logan Paul and providing free items like Mayweather-signed boxing gloves in exchange for purchases of EMAX. According to class allegations, the trading volume for EMAX exploded after the press release, increasing ten-fold in the course of two days. Read more…