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Kim Kardashian and Floyd Mayweather Face a Lawsuit over Alleged Rug Pull

Kim Kardashian and Floyd Mayweather Face a Lawsuit over Alleged Rug Pull

The world-renowned boxer Floyd Mayweather and television personality Kim Kardashian are being sued by investors who went along with their crypto project.

Earlier last year, Kim Kardashian posted her involvement in cryptocurrencies on Instagram, and promoted a token known as EthereumMax. The promotion was later criticized by multiple news outlets and online personalities. 

Floyd Mayweather was the other name that participated in the promotion of the same token by advertising EMAX on his boxing gear and social media platforms. Likewise, fans were encouraged to use their coins to purchase tickets for Mayweather's boxing match. 

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Based on a report by Reuters, on January 7th, a lawsuit was issued against both celebrities by an investor from NY who purchased EthereumMax tokens. The lawsuit highlighted how the promotion of tokens was deceptive, and misleading towards investors and followers. The main complaint was the promotion of the token:

"The Company’s executives, collaborating with several celebrity promoters, made false or misleading statements to investors about EthereumMax through social media advertisements."

As of right now, there hasn’t been any answer from the names mentioned in the class-action lawsuit, which, by nature, represents all investors that bought EMAX tokens.

The price of EthereumMax has plummeted drastically since May 2021, and declined by 18.09% in the past 24 hours.

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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