Kim Kardashian and Floyd Mayweather have been sued by investors for cryptocurrency fraud.

Kim Kardashian and Floyd Mayweather have been accused of conspiring to commit fraud by promoting Ethereum Max, a little-known cryptocurrency, to millions of social media followers.

On Friday, Ethereum Max and its famous supporters filed a class action lawsuit in the Central District of California, claiming they created token bills by committing "false statements or fraud" in social media posts.

Kardashian made a splash on Instagram last year with an ad promoting the Ethereum Max token. "Are you happy with cryptocurrency????" Kardashian writes. "It's not about the money, just what my friend said about Ethereum Max tokens!"

Kardashian suggested paying for the ad by adding the hashtag #ad to the post. It is not known how much Kardashian received from EthereumMax, but Kardashian's revenue per Instagram sponsor has been estimated to be between $ 500,000 and $ 1 million.

Meanwhile, Mayweather received a coin during a football game against YouTube star Logan Paul. Ethereum Max was accepted as payment for the event ticket and, according to the lawsuit, saw an increase in the packaging industry.

Mayweather also backed Ethereum Max at the big Bitcoin conference in Miami, but got booed by the agency. Mayweather does not appear to have presented the cost of supporting the token.

According to the lawsuit, New York resident Ryan Huegerich, a New Yorker who purchased Ethereum Max tokens on May 14, 2021 and June 17, 2021, and other investors alleged that the actions of these celebrities were causing losses.

Ethereum Max has lost around 97% of its value since June, with some investors calling it a “manage and kill” scheme in which scammers attempt to raise real estate prices through lies or deception. This allegation is embodied in Huegerich's indictment of Kardashian and Mayweather for "shilling" Ethereum Max.

Ethereum Max has filed a lawsuit claiming it has "no connection" to the second largest cryptocurrency, ether and commodities, as well as to persuade traders to trust the token that is part of it. of the Ethereum network.

NBC Financial did not immediately call representatives for Kardashian and Mayweather. Ethereum Max did not respond to Twitter's request for comment. This isn't the first time celebrities have had issues with the crypto consensus. Regulators are outraged.

In 2018, Mayweather was sued by the SEC for doing the first coin issue, a dispute over financial aid for cryptocurrencies. Mayweather paid over $600,000 and agreed with the SEC to deny or deny the findings of the SEC investigation.

In September 2021, Charles Randall, head of the UK's Financial Regulatory Commission, warned of cryptocurrency fraud in a speech, posted specifically on Kardashian's Instagram ad to Ethereum Max. Randell couldn't claim Ethereum Max was a special con artist, but he said, "People involved in relationships often help crooks toss new coins as a result. Pure thoughts."