‘The power of having power’: The internet reacts as boxing legend Floyd Mayweather and Kim Kardashian celebrate a big win

Floyd Mayweather left the ring with fifty clean and unmatched wins and no losses. But he makes a point of winning battles outside the ring too. In January, Mayweather, reality TV star Kim Kardashian and Paul Pierce of the Boston Celtics found themselves accused of misrepresenting information they were required to share with cryptocurrency investors.

In January of this year, the US District Court for the Central District of California received a class action lawsuit, which, by way of explanation, means a lawsuit brought by a group of people sharing a typical grievance.

Cryptocurrency EthereumMax and its famous animators have been squarely blamed for overplaying the price of the token by using “false or misleading claims” on social media platforms.

it’s not my fault

Eventually, after months, a federal judge dismissed the case. While expressing sincere concern and understanding for the financial loss suffered by the plaintiff, Judge Michael Fitzgerald stressed that it is reasonable for an investor to carefully check where their money might end up. He said, “But, while the law certainly places limits on these advertisers, it also expects investors to act reasonably before basing their bets on the prevailing zeitgeist.”

Further, finding that in light of “enhanced pleading standards” for fraud claims across the United States, the plaintiff’s assertions were not sufficiently substantiated.

The news quickly took hold on social media platforms. Twitterati just exclaimed about what they felt it meant to be powerful.

The cheeky responses from fans were plentiful. Many see victory as a result of celebrity power.

Does the verdict sound familiar?

This wasn’t the first time Mayweather and Kardashian got in trouble for promoting cryptocurrency schemes.

The United States Securities and Exchange Commission (SEC) has accused Mayweather of encouraging a controversial method of crowdfunding in cryptocurrency. Namely, Initial Coin Offering or Initial Currency Offering. Mayweather settled the case with the SEC, paying nearly $600,000. Although without admission or denial of the charges of the regulator.

Floyd Mayweather and Kim Kardashian promote risky business

The head of the UK’s Financial Conduct Authority has expressed uncertainty over whether EthereumMax could qualify as a fraud. He highlighted Kim Kardashian’s cryptocurrency ad on Instagram. He shared this “Social media influencers are often paid by scammers to help them pump and dump new currency on the strength of pure speculation.”

In 2021, Kardashian put a message on her Instagram handle, “Are you guys into crypto??? This is not financial advice but a sharing of what my friends told me about the Ethereum Max token. The “#ad” at the end of his message indicated sponsorship. However, this did not reveal the $250,000 she received from EthereumMax.

Similarly, Mayweather reportedly lobbied for EMAX in June 2021 during a boxing match and a major bitcoin conference.

It should be noted that in January, the value of the cryptocurrency fell by 97%.

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