Mon. Jan 24th, 2022

Image scandal for article titled Kim Kardashian sues for promoting so-called cryptocurrency 'Pump and Dump'

Pictures: David Livingston (Getty Images)

Became a reality TV star Cosmetic millionaire Kim Kardashian could run into problems after working as a cryptocurrency shill for a sketchy alt-coin last summer.

Many more celebrities including Kardashian and Boxer Floyd Mayweather And basketball star Paul Pierce — is currently being sued for promoting a cryptocurrency that allegedly made large sums of money from the creators’ tokens but enticed many investors. reported.

Currency in question, EthereumMax, A rebellious run in early 2021, was largely exasperated – the argument of the case – by approval from Kardashian, Mayweather and Pierce, all of whom were paid for token promotions. However, long ago, the value of the currency crashed, leaving many investors with essentially worthless assets.

A class-action Case It was claimed on Friday that the operation was part of a “pump and dump” project – an old conspiracy to artificially increase the value of a product before manufacturers secretly sell their own shares and make a ton of cash in the process. Crashes.

The lawsuit lists both the celebrity and the coin maker as defendants and the plaintiff as someone who has invested in the currency between May 14, 2021 and June 27, 2021 and has been “damaged” by the currency’s movement.

According to the lawsuit, after Mayweather and Pierce promoted the token throughout May last year, the value of the currency has apparently risen 632%. Meanwhile, Kardashian jumped into the fray in June, just a day before the coin’s stock tank. On June 14, Kardashian was seen actively promoting the currency on her Instagram, which has about 251 million followers. Read his post:

Are you in crypto ????

This is not financial advice but I am sharing what my friends have told me about Ethereum Max Token!

Kardashian adds a small denial that the text is actually a paid ad, although it does read like a normal post. The case further mentioned a Morning Consult Survey Which showed that the approval of Kardashian’s currency had a significant effect on the number of people who heard about Emax, alleging that 1 in 3 crypto owners saw its little commercial.

Just one day after Kim’s post, on June 15, the EMAX dropped 98 percent to an all-time low of 00 0.000000017 per unit, the lawsuit says. Prior to the price cut, the creators of the cryptocurrency sold their EMAX shares, something that was publicly viewable because they had not “locked” their wallet addresses (i.e., their personal) until after this period, according to the lawsuit.

Kardashian’s activities caused quite a stir Several op-eds It was written about celebrities shilling for crypto and how the trend could get out of hand. Kardashian’s Instagram post was also flagged off by Charles Randall, head of Britain’s Financial Conduct Authority (FCA), who warned that it could be considered immoral. “I can’t say if this particular token is a scam,” Randall said Said at the time, Although he noted that “social media influencers are regularly paid by scammers to help them pump and dump new tokens behind pure speculation.”

So yeah, either sounds pretty good. On the one hand, you can see why people would be furious with Kardashian and the organization for helping What sells them Now basically one Worthless currency. On the other hand, it may be argued that you take your speculative investment The advice of reality TV stars means you are probably asking for it.

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