Kim Kardashian and Floyd Mayweather on the ropes for alleged crypto scam!

New York, New York - The crypto trading scene is rife with sketchy promises of riches and its fair share of traps, but now even some of the biggest names in sports and entertainment are being accused of ripping off investors!

Mayweather and Kardashian, sitting in a tree, s-c-a-mm-i-n-g.
Mayweather and Kardashian, sitting in a tree, s-c-a-mm-i-n-g.  © Collage: IMAGO/Icon SMI, MediaPunch

Kim Kardashian, former boxing pro Floyd Mayweather, and basketball star Paul Pierce are the targets of a class-action lawsuit that alleges they promoted the cryptocurrency EthereumMax but sold their investments for a profit before the coin's value collapsed.

The suit, reported on by Finbold, accuses the three celebs of misleading investors and participating in what is known as a pump-and-dump scheme, where they spread the good word of a hot new commodity, in this case EthereumMax, causing it to rise in value, before cashing out and leaving the project to cave in on itself.

The lawsuit also states that after ex-Celtics star Paul Pierce tweeted about the coin and Mayweather wore a hat and shorts emblazoned with the EthereumMax logo, the coin's price shot up, increasing in value by over 632%, and at its peak, the currency had a blistering 11,000% jump in value.

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Kim Kardashian allegedly also pushed the cryptocurrency on her Instagram profile. The day after she did so, the coin's value apparently took a nose dive, but not before its creators are accused of having sold their shares of the currency, based on their crypto wallet activity.

Members of the class include people who invested in EthereumMax between May 14 and June 27, 2021.

Pump and dump schemes take advantage of the very human tendency to be guided by FOMO – the fear of missing out – and it has left many investors high and dry after the people who hyped a product got their profit and dipped out.

Cover photo: Collage: IMAGO/Icon SMI, MediaPunch

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