Kim Kardashian, Floyd Mayweather and Paul Pierce Sued for Cyrpto Scheme

In Summary

A lawsuit was filed on behalf of cryptocurrency investors who purchased EthereumMax tokens between May and June of 2021.  

Celebrities, including Kim Kardashian, Floyd Mayweather and Paul Pierce, are being sued for allegedly duping cryptocurrency investors. 

According to The Hollywood Reporter, the lawsuit accuses the group of celebrities of misleading their followers in a scheme. It claims the celebrities convinced their fans to buy EthereumMax tokens and then sold them when their value dropped.  

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“Defendants touted the prospects of the Company and the ability for investors to make significant returns due to the favorable ‘tokenomics’ of the EMAX Tokens,” the lawsuit read. “In truth, Defendants marketed the EMAX Tokens to investors so that they could sell their portion of the Flot for a profit.”  

The class action complaint was filed by John T. Jasnoch of Scott + Scott Attorneys at Law LLP in New York. Jasnoch wants to represent people who purchased the tokens from May 14, 2021, to June 27, 2021.  

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Kardashian posted an ad for EthereumMax on her Instagram page on June 14, 2021. Research conducted by financial services company Morning Consult learned that up to 21% of all American adults and half of all cryptocurrency owners saw the ad on her page. Additionally, 19% of the surveyed respondents allegedly invested in EthereumMax as a result of the ad.  

Pierce promoted the company on Twitter on May 26, 2021 after a dispute with ESPN, where he touted the success of his cryptocurrency investments. On that same day, EthereumMax announced it was the exclusive cryptocurrency accepted for online ticket purchases for Mayweather’s fight with Logan Paul. Viewers interested in purchasing tickets with EMAX were offered incentives like signed Mayweather boxing gloves and a chance to attend his after party, according to The Hollywood Reporter.  

EthereumMax executives are also named in the complaint, where it alleges, they violated state consumer protection laws, laws over aiding and abetting and unjust enrichment.  

RELATED: Lobbyist Abramoff Charged in Cryptocurrency Fraud Case 

Representatives for Kardashian, Mayweather and Pierce did not comment on the complaint. 

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