{"id":82190,"date":"2022-01-13T10:23:23","date_gmt":"2022-01-13T10:23:23","guid":{"rendered":"https:\/\/cred.ai\/news\/?p=82190"},"modified":"2022-01-15T23:11:48","modified_gmt":"2022-01-15T23:11:48","slug":"crypto-investors-sue-kim-kardashian-and-floyd-mayweather","status":"publish","type":"post","link":"https:\/\/cred.ai\/news\/2022\/01\/13\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\/","title":{"rendered":"Crypto Investors Sue Kim Kardashian and Floyd Mayweather"},"content":{"rendered":"

Kim Kardashian and Floyd Mayweather are being sued for allegedly tricking cryptocurrency investors in a pump-and-dump scheme. The lawsuit claims that the celebrities deceived their followers for personal profit by encouraging them to purchase EthereumMax (EMAX) tokens, only to cash out once their price was inflated, according to Reuters<\/span><\/a>.<\/p>\n

\u201cDefendants touted the prospects of the Company and the ability for investors to make significant returns due to the favorable \u2018tokenomics\u2019 of the EMAX Tokens,\u201d reads the lawsuit filed last week in California federal court. \u201cIn truth, Defendants marketed the EMAX Tokens to investors so that they could sell their portion of the Float for a profit.\u201d<\/p><\/blockquote>\n

Kardashian and Mayweather were reportedly compensated for their sponsorships in EMAX tokens, according to The Hollywood Reporter<\/a>. Kardashian shared the following post with her 250 million Instagram followers:<\/p>\n

\u201cAre you guys into crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max token! A few minutes ago Ethereum Max burned 400 trillion tokens\u2014literally 50% of their admin wallet, giving back to the entire e-max community. Swipe up to join the e-max community.\u201d<\/p><\/blockquote>\n

Charles Randall, chair of the UK\u2019s Financial Conduct Authority, described the post as a “financial promotion with the single biggest audience reach in history.\u201d<\/p>\n

According to a Morning Consult survey<\/a>, the ad reached up to 21 percent of all adults nationwide and over 30 percent of cryptocurrency owners. Around 19 percent of those who saw the post subsequently invested in EthereumMax. The recent lawsuit aims to represent people who purchased EMAX tokens between May 14 and June 27 of last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kim Kardashian and Floyd Mayweather are being sued for allegedly tricking cryptocurrency investors in a pump-and-dump scheme. The lawsuit claims that the celebrities deceived their followers for personal profit by encouraging them to purchase EthereumMax (EMAX) tokens, only to cash out once their price was inflated, according to Reuters. \u201cDefendants touted the prospects of the …<\/p>\n","protected":false},"author":14,"featured_media":82191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[20],"tags":[114,512,584,585,586],"class_list":["post-82190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-news","tag-crypto","tag-kim-kardashian","tag-floyd-mayweather","tag-investors"],"acf":[],"yoast_head":"\nCrypto Investors Sue Kim Kardashian and Floyd Mayweather - crednews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cred.ai\/news\/2022\/01\/13\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Investors Sue Kim Kardashian and Floyd Mayweather\" \/>\n<meta property=\"og:description\" content=\"Kim Kardashian and Floyd Mayweather are being sued for allegedly tricking cryptocurrency investors in a pump-and-dump scheme. The lawsuit claims that the celebrities deceived their followers for personal profit by encouraging them to purchase EthereumMax (EMAX) tokens, only to cash out once their price was inflated, according to Reuters. \u201cDefendants touted the prospects of the ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cred.ai\/news\/2022\/01\/13\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\/\" \/>\n<meta property=\"og:site_name\" content=\"crednews\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-13T10:23:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-15T23:11:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cred.ai\/news\/wp-content\/uploads\/2022\/01\/shutterstock_1546992365-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1349\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cred.ai staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cred.ai staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/cred.ai\\\/news\\\/2022\\\/01\\\/13\\\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/cred.ai\\\/news\\\/2022\\\/01\\\/13\\\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\\\/\"},\"author\":{\"name\":\"cred.ai staff\",\"@id\":\"https:\\\/\\\/cred.ai\\\/news\\\/#\\\/schema\\\/person\\\/b8132cf694e343ab4c8bd8a3da99e9c2\"},\"headline\":\"Crypto Investors Sue Kim Kardashian and Floyd Mayweather\",\"datePublished\":\"2022-01-13T10:23:23+00:00\",\"dateModified\":\"2022-01-15T23:11:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/cred.ai\\\/news\\\/2022\\\/01\\\/13\\\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\\\/\"},\"wordCount\":269,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/cred.ai\\\/news\\\/2022\\\/01\\\/13\\\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cred.ai\\\/news\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/shutterstock_1546992365-scaled.jpg\",\"keywords\":[\"news\",\"crypto\",\"kim kardashian\",\"floyd mayweather\",\"investors\"],\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/cred.ai\\\/news\\\/2022\\\/01\\\/13\\\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/cred.ai\\\/news\\\/2022\\\/01\\\/13\\\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\\\/\",\"url\":\"https:\\\/\\\/cred.ai\\\/news\\\/2022\\\/01\\\/13\\\/crypto-investors-sue-kim-kardashian-and-floyd-mayweather\\\/\",\"name\":\"Crypto Investors Sue Kim Kardashian and Floyd Mayweather - 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