On a report from CNBC news Kim Kardashian and Floyd Mayweather were both sued by investors over alleged crypto scam.
The thing is, they are being accused of misleading the investors because they promoted a cryptocurrency called EthereumMax to their millions of social media followers. The investors filled the lawsuit in the U.S. District Court for the Central District of California accuses EthereumMax and its celebrity promoters of working together to artificially inflate the price of the token by making “false or misleading statements” in social media posts.
I saw Kim's posts and I do not see it as a misleading or promotion post since she mentioned that it was not an actual financial advice and she is just sharing what a friend of her told her.
Here's the actual posts:
“Are you guys into crypto????"
“This is not financial advice but sharing what my friends just told me about the Ethereum Max token!”
Then she included an ad hashtag that means that she was paid to promote the coin.
The complainant is Ryan Huegerich, a New York resident, and other investors who purchased EthereumMax tokens that they claim to be because Kim and Maywheather promoted the coin. They of course suffered losses on the coin which resulted to them, filling a lawsuit. This is why we should DO OUR OWN RESEARCH and not just listen to some promotions and celebrities. or what a friend just told us.
