Jake Paul, Kim Kardashian Lead List of Celebrities Sued for Crypto Ads

Kim Kardashian and Jake Paul are among a host of celebrities currently facing legal action over using their sizable platforms to advertise cryptocurrencies.

With Bitcoin and other cryptocurrencies crashing further this week amid a massive sell-off, the celebrity lawsuits—which were filed earlier this year—have re-entered the public conversation.

In January, Kardashian was named in a class-action lawsuit alongside former NBA star Paul Pierce and boxer Floyd Mayweather, who have been accused of using their fame to promote EthereumMax as part of a larger scheme to defraud investors, per the suit.

According to the lawsuit, those endorsements were allegedly part of a broader scheme by EthereumMax’s creators to inflate the price of the token before selling it off, popularly referred to as a pump and dump.

(L-R) Kim Kardashian and Jake Paul are among a host of celebrities who have been named in lawsuits for advertising cryptocurrencies on their respective social media accounts, which collectively have hundreds of millions of followers.
Dimitrios Kambouris/Getty Images for The Met Museum/Vogue;/Katelyn Mulcahy/Getty Images

The lawsuit states that the digital coin’s creators, Steve…

Read more at www.newsweek.com

Leave a Reply

Your email address will not be published.