Kim Kardashian and Floyd Mayweather Jr. are among the celebrities being sued for allegedly leading investors into a cryptocurrency “pump and dump” scam
“.@espn I don’t need you. I got @ethereum_max I made more money with this crypto in the past month then [sic] I did with y’all in a year,” Mr. PierceMs. Kardashian promoted the cryptocurrency on Instagram, where she has 278 million followers. The reality TV star and entrepreneur’s 2021 post asking her followers on the platform to join “the Ethereum Max Community”Charles Randell, head of the U.K.’s Financial Conduct Authority, said in a speech in September that Ms.
“I can’t say whether this particular token is a scam,” Mr. Randell told the Cambridge International Symposium on Economic Crime, according to a. “But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.”
A representative for EthereumMax said at the time that Ms. Kardashian’s “post was simply intended to raise awareness of the project and its utility.”Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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