US lawmakers seek to regulate the unregulated crypto industry due to rising concerns over scams and fraud. Floyd Mayweather faces legal backlash for promoting EthereumMax.
the need for oversight among US lawmakers. The treacherous act of “rug pulling,” where creators entice investors only to vanish with their funds, has raised alarm bells. To protect the public, lawmakers now strive to rein in the wild crypto landscape.
Floyd Mayweather, the renowned boxer and advocate for cryptocurrencies and NFT projects, faces financial consequences as he is held accountable in court. The promotional campaign for EthereumMax, which paid Mayweather to advertise the coin before his fight with Logan Paul, has landed him in legal trouble. Despite Mayweather’s efforts to dismiss the lawsuit, his request has been denied, leaving him with a hefty price to pay for his involvement in the cryptocurrency promotion.
U.S. District Judge Michael Fitzgerald raised concerns over the boxer’s exploitation of fans by promoting a cryptocurrency lacking a well-defined strategy. The outcome of the lawsuit involving the pugilist remains uncertain, leaving spectators eager to witness the unfolding of this legal bout. Sean Masson kick-started Floyd Mayweather’s crypto case, igniting a legal firestorm that not only ensnared the boxing legend but also roped in other notable personalities. The lawsuit named not just Mayweather but also caught the attention of A-list celebrity Kim Kardashian and former NBA champion Paul Pierce.
Sean Masson mentioned, “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.” (an
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