Edge's News: EthereumMax Tokens Scandal with Kim Kardashian and Floyd Mayweather Jr.......

-

Kim Kardashian and Floyd Mayweather Jr. were sued for allegedly scamming investors in a cryptocurrency called EthereumMax.


The reality television star and ex-boxing champion were paid to hype the blockchain-based digital tokens to their fans, “causing investors to purchase these losing investments at inflated prices,” according to the complaint filed in Los Angeles federal court. Former Boston Celtic Paul Pierce was also named as a defendant in the suit.


Kardashian was called out in September by a U.K. financial regulator for luring her 250 million Instagram followers into the “cryptobubble with delusions of quick riches.”


Mayweather, one of his sport’s most recognisable personalities, has previously run afoul of regulators for promoting cryptocurrency investments. He was fined by the U.S. Securities and Exchange Commission in 2018 for touting initial coin offerings on social media without disclosing that he’d been paid to do so.


EMAX is described in the lawsuit as a “speculative digital token created by a mysterious group of cryptocurrency developers,” who are also named as defendants in the case. 


“EthereumMax has no connection to the second-largest cryptocurrency, Ethereum,” according to a footnote in the complaint. “It would be akin to marketing a restaurant as ‘McDonald’sMax’ when it had no affiliation with McDonald’s other than the name similarity and the fact that both companies sell food products.”


The case was filed as a proposed class action on behalf of everyone who bought EMAX tokens from mid-May to late June. The complaint cites violations of California consumer-protection laws and seeks restitution for “the difference between the purchase price of the EMAX Tokens and the price those EMAX Tokens sold for.”


Representatives for Kardashian and Mayweather didn’t immediately respond to requests for comment. Pierce couldn’t be reached for comment.



Comments

Post a Comment

Disclaimer
Comments expressed here do not reflect the opinions, thoughts, ideas and feelings of https://www.edgeofdworld.com or any employee thereof

Popular posts from this blog

President Bola Ahmed Tinubu Tax Reform

-
Image
President Bola Tinubu’s tax reform bills have sparked a lively debate in Nigeria. Many experts believe that if implemented effectively, these reforms could significantly benefit the country and its citizens. The proposed reforms aim to lay the foundation for Nigeria’s fiscal policy and are based on recommendations from the Taiwo Oyedele led Presidential Committee on Fiscal Policy and Tax Reforms. Key Provisions of the Tax Reform Bills The tax reform bills introduce several key changes to Nigeria’s tax laws. Among the notable provisions are: đź”´ Tax Exemption for Low-Income Earners : The proposed Nigeria Tax Bill offers tax relief to average Nigerian salary earners by exempting individuals earning below N800,000 per year from paying taxes. đź”´ Reduced Tax Rates for Small Businesses : The bill also proposes to exempt small businesses with annual incomes below N25 million from paying profit taxes. Additionally, the top profit tax rate for larger companies would be reduced from 30% to ...
Continue Reading »

Could President Trump issue an executive order to abolish birthright citizenship?

-
Image
President Donald Trump’s recent claims that he has the authority to end birthright citizenship through an executive order have sparked a heated debate. However, most constitutional scholars argue that such an action would be unconstitutional and likely to face legal challenges. *The 14th Amendment* The 14th Amendment to the United States Constitution, ratified in 1868, explicitly states that “all persons born or naturalised in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside” ¹. This amendment was initially intended to grant citizenship to recently freed slaves, but it has also been interpreted to confer birthright citizenship on anyone born on American soil. *Supreme Court Precedents* The Supreme Court has consistently upheld the birthright citizenship provision of the 14th Amendment in numerous cases. In United States v. Wong Kim Ark (1898), the court ruled that a child born in the United States to Chin...
Continue Reading »

President Tinubu’s NELFUND: Giving Every Student a Chance

-
Image
President Tinubu’s NELFUND: Giving Every Student a Chance “How a son of nobody and who knows nobody can access the loan freely.” Education is the foundation of progress, yet for many Nigerian students, financial barriers have been a roadblock to achieving their dreams. Recognising this, President Bola Ahmed Tinubu launched the Nigeria Education Loan Fund (NELFUND) — a visionary initiative designed to ensure that no student is left behind because of financial constraints . The heart of NELFUND is simple: it levels the playing field. Whether you come from a well-connected family or from humble beginnings, the fund is built to make sure that every Nigerian student has access to education loans without discrimination, delays, or unnecessary bureaucracy. This is why the slogan resonates so strongly: “How a son of nobody and who knows nobody can access the loan freely.” It speaks directly to millions of young Nigerians who have talent, ambition, and drive—but lack the financial su...
Continue Reading »

Bola Ahmed Tinubu GCFR President of the Federal Republic of Nigeria has hit the ground running.....

-
Image
Key takeaway points of the President’s Speech — the declaration of the end of fuel subsidy   —the reintroduction of commodity board — the immediate mandate on the CBN on the achievement of a Unified Exchange Rate and assured house cleaning at the CBN — re-evaluation of the high interest rates that is anti-investment  — focus on infrastructural development to facilitate job creation  — exponential effort on electricity generation, transmission and distribution with the participation of state governments.  — holistic review of all anti-investment and multiple taxation policies.  —the immediate facilitation of repatriation of investment and profits.  —Agricultural Revolution and the full implementation of the “Agbado Policy” 
Continue Reading »

President Tinubu’s Bold Economic Reforms: Two Years of Progress and Renewed Hope

-
Image
When President Bola Ahmed Tinubu assumed office, he inherited an economy weighed down by heavy subsidies, low oil production, dwindling reserves, and widespread investor distrust. Many believed the challenges were insurmountable. Yet, just two years into his administration, the economic indicators tell a powerful story of resilience, tough choices, and steady progress. The reforms have not been without pain, but they reflect a deliberate strategy: dismantling old structures that held Nigeria back and laying a foundation for lasting prosperity. From Deficit to Surplus: Reversing Nigeria’s Trade Balance In Q1 2023, Nigeria recorded a ₦20 billion trade deficit . Two years later, the country now boasts a ₦5.7 trillion surplus . This dramatic turnaround reflects improved oil exports, reduced importation of refined products, and stronger non-oil contributions. This surplus is more than a statistic — it shows Nigeria is regaining control of its economy and reducing reliance on foreign de...
Continue Reading »