Things look dire for Floyd Mayweather after new update in ongoing crypto scam case
Floyd Mayweather's crypto case has taken an unexpected turn.
For the unaware, the normally unprotected crypto market has begun the process of regulation. Lawmakers and officials in the United States have long doubted that crypto has any sort of value unless it's regulated, due to the easy ability to rug pull.
A 'rug pull' is essentially when a crypto creator hypes up a new project, and in turn, gets investor money. Once that money is earned, the developer pulls the rug out on investors, typically by disappearing or shutting down. That has seemingly happened too many times for lawmakers.
Now, celebrities are some of the first to be held to account and one of them is Floyd Mayweather. 'Money' has long been a promoter of crypto as well as NFT projects. It seems that promotional material will now cost him a lot of money, as the boxer is in court.
EthereumMax reportedly paid the former champion to advertise the coin in the buildup to his fight against Logan Paul. Mayweather, through his attorney, has already attempted to have the lawsuit thrown out. However, that request was denied.
U.S. District Judge Michael Fitzgerald argued that the boxer had profited off fans by advertising a crypto coin that had no clear business plan. As of now, it remains to be seen what will happen with the boxer's lawsuit.
Kim Kardashian, Floyd Mayweather can’t evade EMax crypto investors’ claims, judge says reut.rs/3MYsDuU https://t.co/ga3hVJyvL0
Floyd Mayweather crypto case: Sean Masson reacts
Sean Masson was the individual who first got Floyd Mayweather's crypto case rolling.
While 'Money' is one of the figures named in the lawsuit, he's far from the only celebrity. Fellow stars Kim Kardashian, as well as former NBA champion Paul Pierce, have also been named.
The boxer had the EtheruMax logo on his shorts for his 2021 fight against Logan Paul. Meanwhile, Pierce and Kardashian made social media posts about the product. Based on today's ruling that the case has merit, those posts could haunt them soon.
Kim #Kardashian failed to persuade a judge to throw out a lawsuit.
She was accused of scamming investors in a cryptocurrency called #EthereumMax by falsely hyping the digital tokens.
#EMAX investors say they paid ‘inflated prices’ for tokens. https://t.co/5dtacGiStZ
Sean Masson of Scott+Scott, who filed the initial lawsuit last January, released a public statement in regard to the case's development. He's been quoted as stating:
“This was a small project with extremely big celebrities endorsing it. Once you start tugging, you see why: They were paid... The decision leaves no room for doubt. You cannot get away with this.”
Fans around the world will be eagerly awaiting further updates.