- Kim Kardashian, Floyd Mayweather, and others have been named in a class action lawsuit regarding a cryptocurrency called EthereumMax, which plaintiffs claim was used in a “pump and dump” scheme.
- “Are you guys into crypto????,” the reality TV celebrity shared with her 228 million followers. “This is not financial advice but sharing what my friends just told me about the Ethereum Max [sic] token!”
- “Please please please ask questions and don’t jump into trading because Kim Kardashian got paid to talk about it,” a person alarmed by her “advice” tweeted.
Anthony Cuthbertson from The Independent writes:
“Kim Kardashian and Floyd Mayweather have been named among the defendants of a lawsuit regarding a cryptocurrency called EthereumMax, which plaintiffs claim was used in a “pump and dump” scheme by the celebrities.
Both Kardashian and Mayweather promoted EthereumMax – which is unrelated to the cryptocurrency Ethereum – resulting in dramatic price swings for the digital token.
The price of EthereumMax crashed by more than 98 per cent after Kardashian posted about it on her Instagram Stories, which was the sixth most-followed account at the time.
“Are you guys into crypto????,” the reality TV star wrote to her 228 million followers. “This is not financial advice but sharing what my friends just told me about the Ethereum Max [sic] token!”
Her post received criticism at the time, with one person tweeting: “Please please please ask questions and don’t jump into trading because Kim Kardashian got paid to talk about it…”
See full story here.
Economic Left 
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