Kim Kardashian, Floyd Mayweather and Paul Pierce sued in the EthereumMax crypto lawsuit

Kim Kardashian is one of three celebs being sued by EthereumMax cryptocurrency investors.  Boxer Floyd Mayweather Jr., basketballer Paul Pierce, as well as the currency's designers, are among the other accused.  According to the lawsuit, the celebrities worked with EthereumMax to "misleadingly promote and sell" the cryptocurrency.  EthereumMax stated that it denies the charges and looks forward to learning the truth.  Despite the title, EthereumMax has had no legal or commercial ties to the Ethereum cryptocurrency.

Kim Kardashian, Floyd Mayweather and Paul Pierce sued in the EthereumMax crypto lawsuit bolly central

According to the lawsuit, reality-TV celebrity Kim Kardashian posted on Instagram, "This is not financial advice but sharing what my friends tell me about the EthereumMax token." 

Charles Randell, the head of the UK's Financial Conduct Authority, later stated that Ms. Kardashian had "asked her 250 million followers to speculate on crypto tokens," implying that the post, labeled as an advertisement, may have been the "financial promotion with the biggest single audience reach in history." 

A month later, the price of EthereumMax had continued to increase. "However, this meteoric spike was brief, and EthereumMax began to deflate immediately after Kardashian's post," according to court documents. "On July 15, the EMAX token's price fell to an all-time low of $0.000000017 per unit, a 98 percent decrease from which it has yet to recoup." 

On Wednesday, EthereumMax was trading at the same $0.000000017 price.

Kardashian, Pierce, Mayweather, and the EthereumMax founders are being sued for complicity, unjust enrichment, and other California state law crimes. The complaint does not specify how much money Huegerich put in EthereumMax or how much compensation he seeks.