Floyd Mayweather Sued For Promoting Crypto Scam EthereumMax

Professional boxer Floyd Mayweather became additionally named in a crypto merchandising lawsuit in 2022 over his alleged merchandising of EthereumMax, in line with courtroom docket files filed with the aid of using the SEC.

Mayweather`s lawyer argued that his purchaser became now no longer concerned withinside the merchandising and declined to touch upon the case.

The U.S. Securities and Exchange Commission filed the lawsuit towards Mayweather Promotions Inc., claiming it did now no longer comply with securities legal guidelines while it promoted an ICO presenting called. The SEC stated Mayweather promoted the ICO on social media, telling buyers he owned a stake withinside the mission however did now no longer expose that he became paid a percent in their funding as a part of his settlement with the company.

We allege that [Mayweather] violated federal securities legal guidelines with the aid of using failing to reveal bills he acquired from his control company, Mayweather Promotions Inc., stated Steven Peikin, Co-Director of the SEC Enforcement Division's Cyber Unit in a announcement on Wednesday. In addition, we allege that [Mayweather] made fake statements approximately his possession hobby in EthereumMax.

According to Peikin, Mayweather and different unnamed people have been accountable for growing fake social media money owed and web sites to sell EthereumMax in addition to deceptive buyers