A class action lawsuit accuses Kim Kardashian and Floyd Mayweather of artificially inflating the price of the cryptocurrency EthereumMax.
The celebrities made "false or misleading statements" about the little-known token in social media posts, the lawsuit claims.
A class action lawsuit filed last Friday 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.last year when she made an Instagram post promoting the EthereumMax token. "Are you guys into crypto????" Kardashian wrote.
The lawsuit claims that plaintiff Ryan Huegerich, a New York resident, and other investors who purchased EthereumMax tokens between May 14, 2021, and June 17, 2021, suffered losses as a result of the celebrities' conduct. Representatives for Kardashian and Mayweather were not immediately available when contacted by CNBC. EthereumMax did not return a request for comment on Twitter.
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