Kim-Kardashian and Floyd Mayweather Jr. were indicted for allegedly pulling up shipments of crypto tokens

Kim-Kardashian, Floyd Mayweather Jr. and Paul Pierce promoted a crypto token called EthereumMax last May. A group that invested in the token has now filed lawsuits against these celebrities and the coin's creators, saying they are victims of this high-shipment program.

Investors who bought EthereumMax between May 14 and June 27, 2021, claimed in a proposed class action complaint filed friday that they had fallen victim to the scam, According to Founder reported Monday. Kardashian, Pierce and Mayweather were put in the lawsuit for promoting the token with ethereummax creators.

Kardashian and Pierce are understood to have advertised the token on their social media accounts, while EthereumMax was used to buy tickets to Mayweather's match against Logan Paul on June 6. The lawsuit, filed in U.S. District Court in California, said the celebrities were paid to advertise the token, and also mentioned a poll conducted by Morning Consult in September that showed 19 percent of Kardashian's social media followers bought the token after she posted information about EthereumMax.

EthereumMax began trading on May 16, 2021 at $0.00000006, but according to CoinMarketCap, the coin's price soared by more than 1,000% on May 29. However, it declined in the following week and continued to plummet throughout June, with the UI below its starting value.

Last year, as creating crypto tokens became easier, celebrities became more influential, and more and more people looking to get rich quickly through cryptocurrencies, the scam of pulling up shipments of cryptocurrencies became very common. While tokens like EthereumMax are only worth a tiny fraction of their value, these plans involve hundreds of billions of coins being created, so any big rise will result in millions of dollars created. Coin creators and promoters sell their billions of tokens, which leads to a free drop in price, leaving investors with worthless assets. While such scams are illegal in securities such as stocks, there are currently no legal consequences for cryptocurrencies.

The group of investors who filed the lawsuit demanded monetary relief for losses caused by the so-called plan.

Kardashian, Mayweather and Pierce did not immediately respond to requests for comment on the matter.