You can understand Kim Kardashian and former NBA star Paul Pierce getting snared, but you’d think Floyd Mayweather would have learned to avoid crypto endorsements by now.
Along with the reality TV celebrity and former hoops player, the weight-class jumping boxing champion is being sued in California federal court for making false and misleading statements while promoting EthereumMax, a cryptocurrency that an investor claims was a pump-and-dump scam, Law360 reported.
In November 2018, the boxing champion paid more than $600,000 in fines for failing to reveal that his tweets supporting the initial coin offering, or ICO, of fledgling Centra Tech cryptocurrency project that he was a paid endorser, not a fan.
Read more: SEC, DJ Khaled, Floyd Mayweather Settle ICO Charges
Unfortunately for Mayweather and music producer DJ Khaled, who was sued alongside the 15-time world champion, Centra Tech was a scam whose founder got eight years in prison for scamming investors out of $25 million.
While neither Mayweather nor Khaled was any party to the scam, both got a lot of negative publicity in the crypto world.
Now it seems Floyd is back at the center of another crypto controversy in which a token, at best, crashed and burned. The lawsuit alleges that the price of EMAX spiked for about a week in late May after a press release announced that EMAX was “now the exclusive CryptoCurrency accepted for online ticket purchasing for the highly anticipated Floyd Mayweather vs. Logan Paul…
