According to a complaint filed in a Los Angeles court, Kardashian was paid to create hype around the cryptocurrency EthereumMax, leading investors to sign up for the cryptocurrency. It eventually lost a lot of value. Kardashian has 250 million followers on Instagram alone.
Other celebrities, such as boxer Floyd Mayweather, are also mentioned in the complaint. EthereumMax, for example, was exclusively the coin that sports fans could use to pay if they wanted to watch a Mayweather boxing match with Logan Paul via pay-per-view. During the fight itself, Mayweather had the EthereumMax logo on his shorts.
According to the complainants, EthereumMax appears to be highly speculative, with no link to Ethereum, the second largest cryptocurrency in the world. They suspect a ‘pump and dump’ tactic, in which the makers of a cryptocurrency increase the value of a coin, and then get out of it. Those who entered late are then left with worthless crypto coins.
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