Kim Kardashian sued for alleged cryptocurrency pump-and-dump

An investor is suing Kim Kardashian; boxer Floyd Mayweather, Jr.; Hall of Fame basketball player Paul Pierce, and the cofounders of Ethereum Max for allegedly colluding to promote the cryptocurrency last spring in a pump-and-dump scheme, according to papers filed on Jan 7.

  • The investor, Ryan Huegerich, brought the federal suit in the Central District of California as a class action “on behalf of all investors who purchased EthereumMax tokens (“EMAX Tokens”) between May 14, 2021 and June 27, 2021, and were damaged thereby.” He is seeking investors to join the class.
  • On June 14, 2021, Kardashian promoted the newly launched coin to her then-228 million Instagram followers. Trading volume on that day jumped 35% to US$30 million, but the price fell 17% from US$0.00000023, according to CoinmarketCap.

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