Kim Kardashian, Floyd Mayweather sued by crypto investors

Kim Kardashian and boxer Floyd Mayweather have both been sued by a group of cryptocurrency investors for allegedly participating in a "pump and dump" scam by artificially inflating the price of the cryptocurrency EthereumMax.

As first reported by the Hollywood Reporter, EthereumMax's co-founders and celebrity promoters - including Kardashian and Mayweather - have been accused of promoting the cryptocurrency to their millions of followers and then selling for a profit.

Former NBA star Paul Pierce was also named as a defendant in the lawsuit.

"The misleading promotions and celebrity endorsements were able to artificially increase the interest in and price of the EMAX Tokens during the Relevant Period, causing investors to purchase these losing investments at inflated price," according to the lawsuit filed on Friday in California.

Kardashian waded into the crypto world last year by posting an advertisement for the little-known cryptocurrency to her more than 250 million followers on Instagram, a screen grab from the lawsuit shows.

"Are you guys into crypto????" the US socialite-turned-entrepreneur wrote in her Instagram story posted in June 2021.

"This is not financial advice but sharing what my friends just told me about the EthereumMax token!"

"A few minutes ago EthereumMax burned 400 trillion tokens - literally 50 per cent of their admin wallet giving back to the E-Max community."

Nineteen per cent of those who heard about Kardashian's post invested in Ethereum max, according to the lawsuit.

Kardashian's ad "may have been the financial promotion with the single biggest audience reach in history", said Charles Randell, head of the UK's financial watchdog, in a 2021 speech.

Mr Randell said influencers like Kardashian "are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation".

Former world champion boxer Floyd Mayweather promoted the cryptocurrency leading up to a fight with American YouTuber Logan Paul in June of last year. EthereumMax was accepted as a currency to purchase tickets to the hotly-anticipated event.

According to the lawsuit, those who used EMax tokens to purchase tickets over $5,000 would receive incentives including signed boxing gloves and ringside tickets.

Mayweather also promoted EthereumMax at a Bitcoin conference in Miami, Florida, where he and his entourage wore T-shirts with "EthereumMax" and its logo featured on the chest.

The company's website was also featured on the waistband of his shorts during the fight Paul.

EthereumMax has lost 98 per cent of its value since June.

The EMax token is a speculative digital currency created using the Ethereum blockchain by a group of cryptocurrency developers. The tokens are traded against Ethereum, the local currency in the Ethereum blockchain network.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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