Some weird things are going to happen as more celebrities get into the world of cryptocurrencies. Kim is getting sued for a scam involving a bogus altcoin.
The reality TV star and two other athletes were sued for promoting a virtual currency that was said to have made its creators very wealthy at the expense of its investors.
The people behind the coin used it as part of a scam. This is a type of fraud in which creators of an asset like stocks artificially inflate its value to sell it at a high cost before leaving the investors with nothing.
Money that is dirty.
The price of the coin rose by 632 percent after Floyd and Pierce promoted it in May 2021.
The star of the show boosted the coin via her social media accounts, but included a warning that it was a paid advertisement. The price of EMAX crashed the day after she promoted it.
Kim is being sued for helping promote an alleged "pump and dump" scam. There is a post that promotes the bogus Ethereum Max token.
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January 12, 2022.
It is highly unlikely that any of the athletes knew that the coin was fake. Celebrity endorsements are an easy way to make money. It is a bad look for them, and shows that they don't have your best interests in mind.
We can expect more bad actors to take advantage of celebrity idiots to sell their schemes as cryptocurrencies gain more popularity. It should stay in the realm of weird commercials and out of the courtroom.
Kim and Floyd are being sued by investors.
The second heist in two weeks was the result of a theft from a coin exchange.
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