Kim Kardashian could face court after promoting potentially fraudulent cryptocurrency.
Floyd Mayweather and basketball player Paul Pierce are also targeted for promoting EthereumMax on their respective social networks.
Several Americans have filed a lawsuit after losing money between May 14 and June 27, 2021, according to the Wall Street Journal.
Virtual currency, although associated with Ethereum by name, has questionable origins and is more akin to a scam.
In order to attract potential investors, EthereumMax used a trick called “pump and dump” which is a deceptive marketing technique aimed at raising the price of virtual currency in order to resell it for a profit.
The reality TV star began promoting this asset to his 250 million subscribers in June 2021.
For his part, the boxer had put forward the digital currency during his fight so much publicized against the Youtubeur Logan Paul.
When the ‘Keeping Up With The Kardashians’ star shared the EthereumMax content, it drew attention to the Financial Conduct Authority (FCA), the UK entity that monitors the markets.
Its director, Charles Randell, said at the time: “Ms. Kardashian’s publication is potentially (financial, editor’s note) with the largest audience in history. I cannot officially state that this particular cryptocurrency is a scam. But influencers are regularly approached by scammers to promote assets that are fraudulent, or that just don’t exist. “
