Kim Kardashian Is Being Sued for Crypto Scam Involvement

Kim Kardashian, Floyd Mayweather and Paul Pierce are being sued for duping their followers into purchasing EthereumMax tokens between May 14 and June 27, 2021. The plaintiff has claimed that the three influential names lured people to "buy-in to a worthless cryptocurrency platform," according to reports.

As soon as the tokens' value increased, Kardashian, Mayweather and Pierce "exited with major financial gains." The complaint adds that the trio was part of a "pump-and-dump scheme," in which Kardashian's 251 million followers were involved in. Without a limited time frame for selling tokens in exchange for promotional activities, the currency skyrocketed to 1,370% of its original value, only to come crashing at a rate of 98% thereafter. Charles Randall, the U.K. Financial Conduct Authority chair, stated, "Social media influencers are routinely paid by scammers to help them pump and dump new tokens based on pure speculation."

The artificial spike can be traced back to the platform's business model. As per the filed documents, EthereumMax relies on persistent marketing and promotional activities from "'trusted' celebrities to dupe potential investors into trusting the financial opportunities available with EMAX Tokens."

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