Kim Kardashian and Floyd Mayweather are among several celebrities facing a lawsuit for allegedly misleading investors into a “pump and dump” scheme.
The suit alleges that both Kardashian and Mayweather were both compensated for promoting to their millions of Twitter followers the crypto coin, EthereumMax, which shares no relation to the second largest crypto coin by market cap, Ethereum.
Through their promotion, the coin was able to experience a massive inflation in price before becoming worthless. Many crypto coins are extremely speculative assets, and it is highly suggested that potential inventors only act after their due diligence.
This segment aired on KTLA’s 5 Live on Jan. 11, 2022.