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Kim Kardashian Sued for Promoting Alleged Cryptocurrency Scam



The reality star turned cosmetic billionaire Kim Kardashian may have trouble after appearing as a cryptocurrency behind a sketchy alt-coin last summer.

Kardashian and many other celebrities – including a boxer Floyd Mayweather and basketball star Paul Pierce – are currently being sued for promoting cryptocurrency, which allegedly made large sums for the token makers but remained nervous to many investors, This was reported by Finbold.com.

the coin in question, EthereumMax, embarked on a tumultuous ride in early 2021, backed in large part by the lawsuit by recommendations from Kardashian, Mayweather and Pierce, all of whom were paid to promote the token. However, it did not take long for the value of the coin to fall, allegedly leaving many investors as essentially worthless assets.

Class action litigation The company said on Friday that the activity was part of a “pump and dump” scheme – an age-old trick where product creators artificially increase its value before secretly selling their own shares while making a lot of money, after which the value of the product collapses.

The lawsuit lists celebrities and coin makers as defendants, and lists as plaintiff anyone who invested in the coin between May 14, 2021 and June 27, 2021 and was thus “damaged” by the coin’s trajectory.

According to the lawsuit, after Mayweather and Pierce promoted the token throughout May last year, the value of the coin apparently increased by an incredible 632%. Meanwhile, Kardashian jumped into battle in June, just a day before the coin’s supplies ran out. On June 14, Kardashian was seen actively promoting the coin on his Instagram, which has about 251 million followers. Her contribution was:

ARE YOU QUIET TO CRYPTO ????

THIS IS NOT A FINANCIAL BOARD, BUT I SHARE WHAT FRIENDS TOLD ME ABOUT TOKEN ETHEREUM MAX!

Kardashian added a small statement that the text was in fact a paid advertisement, even though it reads as if it were a normal post. The application also cites and Survey Morning Consultation This showed that Kardashian’s coin support had a significant impact on the number of people who had heard of EMAX, and claimed that approximately 1 in 3 cryptocurrency owners had seen its small advertisement.

Just a day after Kim’s contribution, June 15, EMAX fell 98 percent – and remained at an all-time low of $ 0.000000017 per unit – the lawsuit said. Prior to the price drop, the cryptocurrents sold their EMAX shares, which according to the lawsuit was publicly observable because the addresses of their wallets were “locked” (ie not made private) after this time.

Kardashian’s activity caused considerable uproar – p several op-eds written at the time on the subject of celebrity shilling for crypto and how this trend may spiral out of control. Kardashian’s Instagram post was also marked by Charles Randall, head of the UK’s Financial Conduct Office (FCA), who warned it could be considered unethical behavior. “I can’t say if this particular token is a scam,” Randall said he said thenalthough he noted that “social media influencers are commonly paid by fraudsters to help them pump and throw new tokens to the back of pure speculation.”

So yes, none of this sounds particularly good. On the one hand, you can see why people would be angry at Kardashian and society for their help sell them what is now basically a worthless coin. On the other hand, one could argue that with your speculative investment advice from reality TV stars means you’re probably just asking for it.

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