Wednesday, January 12, 2022 14:25:41 UTC

Kim Kardashian, Floyd Mayweather Jr., and others are being sued for allegedly guiding investors into a cryptocurrency "pump and dump" scheme.

According to the class-action complaint filed last Friday in the United States District Court for the Central District of California, the celebrities and other defendants are accused of making "false or misleading statements to investors about EthereumMax through social media advertisements and other promotional activities." Defendants include the company's co-founders and others, in addition to the three celebrities.

EthereumMax is described as a "speculative digital token produced by a secretive group of cryptocurrency engineers," according to the complaint. According to the report, celebrities advised their millions of social media followers to acquire cryptocurrencies and then sell when the price rose.(More)

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