Kim Kardashian and Floyd Mayweather could go to jail for cryptocurrency fraud

Accused of using their influence to promote a pyramid scheme centered around a fake cryptocurrency called EthereumMax, Kim Kardashian, Floyd Mayweather and American basketball player Paul Pierce are now being summoned in a class action lawsuit on behalf of the victims of this scam.

Like many other scams in the shadow of the latest speculative bubble in the cryptocurrency market, the one with its own image of celebrities like Kim Kardashian and Floyd Mayweather has been the focus of an already recognized and somewhat famous cryptocurrency, Ethereum. It’s just that, although it sounds like it’s about to replace the cryptocurrency traded in recent months at over $ 4,000 per unit, EthereumMax is nothing more than the friendly side of a pump-and-dump scheme. Basically, nothing more than a newly established cryptocurrency, promoted with the help of some well-known characters, in order to to attract funds from as many gullible investors as possible. The scam materializes when holders of a significant volume of newly launched cryptocurrencies spontaneously decide to trade them in favor of another reputable cryptocurrency, collapsing the value of quotations for the remaining investors.

In this case, the course since the launch of EthereumMax and the embezzlement of investors is very short May 14 – June 21, 2021, the promotion brought by resonant names such as Kim Kardashian and Floyd Mayweather undoubtedly having a decisive contribution to the amount of cumulative damage. Specifically, the EthereumMax quotation increased by 632% from the time of promotion offered by Paul Pierce and Floyd Mayweather, both of whom shared messages containing URLs that made it easier to buy the cryptocurrency. At the same time, other EthereumMax investors were recruited with the help of Kim Kardashian, using the Instagram platform. Funnyly, Kim Kardashian seems to have been just the last link in the scam scheme, with the value of EthereumMax dropping by 98% the day after the promotion on Instagram. Confirming the full success of the scam, the authors directly involved in the launch of the cryptocurrency sold their entire holdings before the trading price collapsed. As for the benefits obtained by celebrities recruited for promotion, the exact amounts are to be determined in subsequent investigations, but the penalties received will most likely outweigh the short-term benefits.

Source: Go4IT by

*The article has been translated based on the content of Go4IT by If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!