Kim Kardashian and Floyd Mayweather have been sued by investors over 'misleading' cryptocurrency promotions

• Kim Kardashian, Floyd Mayweather, and Paul Pierce are being sued by crypto investors.
• The lawsuit alleges the celebrities duped fans into buying EMAX tokens that plummeted 98% in value.

Cryptocurrency investors are suing Kim Kardashian, Floyd Mayweather, and Paul Pierce in a lawsuit that alleges the celebrities duped fans into buying EMAX tokens that eventually plummeted 98% in value.

The class-action complaint was filed on behalf of all investors who purchased EthereumMax tokens between May 14 and June 27, 2021.

Kardashian first promoted the digital tokens in an Instagram ad she posted that June:

The advertisement reached approximately 1 in 5 US adults and 3 in 10 crypto owners, according to the data intelligence company Morning Consult.

Former NBA player Paul Pierce similarly promoted EMAX on Twitter on May 26, the lawsuit says. The same day, the cryptocurrency was publicized as the "exclusive Cryptocurrency accepted for online ticket purchasing" for the Floyd Mayweather vs. Logan Paul boxing match.

By mid-July, EMAX had crashed to a record-low of $0.000000017 per unit, according to the lawsuit. Meanwhile, the defendants "marketed the EMAX Tokens to investors so that they could sell their portion of the float for a profit," the claim alleges.

"In plain terms, EthereumMax's entire business model relies on using constant marketing and promotional activities, often from "trusted" celebrities, to dupe potential investors into trusting the financial opportunities available with EMAX Tokens," the lawsuit says.

Attempts to reach representatives for Kardashian, Pierce, and Mayweather for comment were unsuccessful.