Kim Kardashian and Floyd Mayweather are being sued in the US by investors who bought EthereumMax tokens on the recommendation of the two celebrities and lost a lot of money with it.
When celebrities like Kim Kardashian or Floyd Mayweather promote something, they receive large sums of money for the referral. Most recently, the ex of US rapper Kanye West was estimated to be more than $ 500,000. A promo from professional boxer Floyd Mayweather should not be a bargain either. But for both of them their apparently careless selection of advertising partners may now be dearly, because buyers of the EthereumMax token are suing them for damages in the USA (). Both had advertised it independently of one another.
Kim told her then 250 million followers via Instagram in June 2021 that she wanted to share a story of her friends and drew attention to EthereumMax. Mayweather, on the other hand, presented the name of the cryptocurrency clearly visible on the pants he wore in the boxing match against Youtuber Logan Paul. EthereumMax had previously been accepted as payment for tickets for the event, and he talked about the token at a Bitcoin conference in Miami, where you can get it for it.
In 2018, the boxer paid for the uncritical advertising of flimsy crypto-coins and was not allowed to advertise investments for three years. A deadline that he apparently timed exactly.
EthereumMax lost 97 percent of its value
The plaintiffs are demanding that the two celebrities make up for losses and siphon off the profits that both allegedly made with advertising. You accuse the two of having made misleading and false statements. An official reaction from Kim Kardashian and Floyd Mayweather is pending, neither of them have yet commented on the allegations.
Since the promotions for the crypto money, the value has dropped by around 97 percent. The highest level was listed at the end of May 2021. On the, the virtual currency is still praised as a good investment, but experts now classify “Emax” as a so-called pump-and-dump, i.e. an investment whose value is artificially increased. so that insiders can get out at the highest possible prices and newcomers are left with high losses.
It will be exciting to see how the process goes for Kardashian and Mayweather. It would be difficult to prove that the advertisers acted with bad faith and enriched themselves from the losses suffered by investors. When buying cryptocurrencies, the following has always been true: the risk of losing money is great. Of course, this primarily applies to better-known coins such as Bitcoin or the original Ethereum token, but even more so to unknown small tokens, the equivalent of which in US dollars is a fraction of cents.
Source From: Stern
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