Why is boxing legend Floyd Mayweather being sued for promoting EthereumMax?

Floyd Mayweather is reportedly being sued after allegedly misleading investors while promoting a cryptocurrency called EthereumMax.

According to a complaint filed in Los Angeles federal court, Mayweather was paid to advertise the blockchain-based digital tokens to his fans, "causing investors to purchase these losing investments at inflated prices." The complaint read:

"The Company’s executives, collaborating with several celebrity promotors, (a) made false or misleading statements to investors about EthereumMax through social media advertisements and other promotional activities and (b) disguised their control over EthereumMax and a significant percent of the EMAX Tokens that were available for public trading during the Relevant Period."

Mayweather promoted EthereumMax during his exhibition boxing match against Logan Paul in 2021. The company's name was prominently featured on the belt of the boxing star's trunks. 'Money' says he received a total of $30 million for all the ads on his trunks during that fight.

Floyd Mayweather endorses EthereumMax on his trunks against Logan Paul

Mayweather is being sued alongside fellow EthereumMax endorser and Hollywood star Kim Kardashian. The 41-year-old socialite hyped up EthereumMax last June to her over 250 million followers on Instagram.

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Floyd Mayweather in talks to fight another YouTuber

Floyd Mayweather has retired from professional boxing with a perfect record of 50-0. Right now, the American superstar is no longer competing professionally, but has taken part in various exhibition bouts.

Mayweather's most recent outing saw him take on YouTube superstar Logan Paul. While many dismissed the exhibition as a circus fight, Mayweather vs. Paul reportedly generated a whopping $100 million.

Given the success, Mayweather appears to be interested in fighting another social media star. The unbeaten former champion is reportedly in the final stages of negotiations to fight popular Dubai influencer Rashed Belhasa, also known as 'Money Kicks.'

According to Belhasa:

"I never thought I would ever fight Floyd. He is the best fighter ever. When I was young, I would collect his 'The Money Team' caps! Mayweather's team asked my team for a meeting. We thought: 'No way will this happen!' The same day of the meeting, I saw Mayweather saying, 'I would love to fight Rashed'."