Thu. Jan 27th, 2022

A class action case has been named Kim Kardashian, Floyd Mayweather and basketball star Paul Pierce as accused of promoting a cryptocurrency called EthereumMax. According to Finbold, The plaintiffs have sued the celebrities and the still-unknown entity behind the tokens Etherium Knockoff so that “they can sell their share of the float for profit.” The lawsuit alleges that someone who invested in tokens between May 14 and June 27, 2021, was a defendant.

As Gizmodo The plaintiffs are accusing the plaintiffs of carrying out a “pump and dump” scheme, where investors make a lot of money by selling their shares and orchestrating the price increase. The lawsuit alleges that the price of the coin rose 632 percent after Mayweather and Pierce promoted it – wearing shorts with the EthereumMax URL during his show match with boxing star Logan Paul, when Pierce tweeted about it.

Meanwhile, Kardashian posted on Instagram Stories about Etherium Max, telling followers that he heard about it from his friends and linked to its website. According to Morning advice, 19 percent of survey respondents who said they heard about Kardashian’s post have invested in EthereumMax. The lawsuit alleges that the day after Kardashian’s post, the value of the token dropped by 98 percent. In addition, coin makers are reported to have sold their shares before the value shown by their wallet activity was reduced.

Celebrities have been promoting cryptocurrency tokens now and for some time now Made their own. This is not the first or last time that they have been embroiled in controversy over a token – for example, Mayweather was. To charge In 2018, he was paid $ 100,000 by the Securities and Exchange Commission to promote Centra Tech’s 2017 initial currency offer for failing to disclose. The two founders of Centra Tech were arrested along with the SEC for securities fraud and wire fraud. Accused “Talking about the non-existent relationship between Sentra and well-known financial institutions” in an attempt to entice people to invest in ICOs.

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