With cryptocurrencies becoming more and more mainstream, the number of celebs landing in crypto-related legal trouble is increasing drastically. In the past, many celebs including movie actors and athletes have found themselves in regulatory trouble following their involvement in cryptocurrency promotions. The issue has been so pertinent due to the controversial nature of crypto itself. Since it is an unregulated and highly volatile investment instrument, it is very easy to make the promotions irresponsible and misleading. Many advertising authorities have fixed certain rules for crypto ads, including the compulsory mention of a statutory warning. In the most recent event surrounding cryptocurrency promotions, reality star Kim Kardashian and heavyweight boxer Floyd Mayweather found themselves under regulatory scanner.
A New York resident named Ryan Huegerich sued Kim Kardashian and Floyd Mayweather over the promotion of Ethereummax and the EMAX token. According to Huegerich, these celebs were responsible for their promotions of these tokens and did not mention anything about the risks associated with investing in them. While Kardashian promoted the EMAX token on her extremely popular Instagram page, Floy Mayweather prompted the same through his boxing trunks in an exhibition match against YouTuber Logan Paul. For Mayweather, this is not the first stint with crypto-related legal trouble. He was summoned by the United States Securities and Exchange Council in the past over-involvement in an illegal crypto scam. As with the past cases, legal experts are certain that both Kardashian and Mayweather will find themselves out of all legal troubles in no time.