Kim Kardashian could face a court after promoting a potentially fraudulent cryptocurrency.
Floyd Mayweather and basketball player Paul Pierce are also targeted for promoting EthereumMax on their respective social networks.
According to the Wall Street Journal, several Americans filed a lawsuit after losing money between May 14 and June 27, 2021.
Virtual currency, although associated with Ethereum by name, has dubious origins and is more akin to a scam.
In order to attract potential investors, EthereumMax used a scheme called “pump and dump” which is a deceptive marketing technique aimed at increasing the price of virtual currency in order to resell it for a profit.
The reality star had started promoting this asset to her 250 million subscribers in June 2021.
For his part, the boxer had put forward the digital currency during his much publicized fight against the Youtubeur Logan Paul.
When the ‘Keeping Up With the Kardashians’ star shared the EthereumMax content, it caught the eye of the Financial Conduct Authority (FCA), the UK body that monitors the markets.
Its director, Charles Randell, said at the time: “Mrs. Kardashian’s publication is potentially the biggest audience in all of history. I cannot officially say that this particular cryptocurrency is a scam. But influencers are regularly approached by scammers to promote assets that are fraudulent, or that simply do not exist. »
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