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Kim Kardashian sued cryptocurrency ads – the value of the coin she markets on Instagram has dropped by 97 percent

Several media outlets have reported that reality star Kim Kardashian and several others have filed a lawsuit after announcing a cryptocurrency that then collapsed.

It was in June last year that Kim kardashian She posted a post on her Instagram where she announced the cryptocurrency ethereum max (emax) – a recent and relatively unknown cryptocurrency.

In addition to Kardashian, the boxer did too Floyd Mayweather Jr. And many other celebrities who advertise the company.

The cryptocurrency, not to be confused with the larger and more established ether (eth), lost nearly all of its value later that month.

Several of the people who announced, along with the founders of Emax, are now being sued in a class action lawsuit filed in District Court in California. According to the lawsuit, they made false or misleading advertisements that caused investors to lose their money. It also states that emax is a “speculative digital currency created by a shadowy group of developers.”

An Ethereum Max spokesperson said the accusations were based on incorrect information. Representatives for Kim Kardashian and Floyd Mayweather did not comment on the case for the Wall Street Journal or CNBC.


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