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Kim Kardashian in the East Room of the White House, June 13, 2019. Photo: Saul Loeb/AFP via Getty Images

Kim Kardashian has been accused of taking part in a "pump and dump" crypto scheme.

Catch up quick: In a class-action lawsuit, a group of investors claims that Kardashian, Floyd Mayweather, NBA star Paul Pierce and others hyped EthereumMax tokens on social media to lure new buyers.

  • The filing alleges the "improper promotional activities" created the kind of demand that enabled the defendants named in the suit to sell their tokens for "substantial profits."
  • Within a month of Kardashian’s Instagram post on June 14, 2021, specifically, the token’s price fell 98%, the lawsuit says.
  • Representatives for Kardashian, Mayweather, Pierce and the company did not immediately respond to requests for comment.

The big picture: Celebrities have rushed to endorse or invest in crypto as interest has exploded.

  • About $30 billion flooded into the digital asset category last year — almost four times the previous record of $8 billion in 2018.

Go deeper

Lawsuit alleges top colleges illegally collude to limit financial aid

Harkness Tower stands on the Yale University campus. Photo: Craig Warga/Bloomberg via Getty Images

A lawsuit filed Sunday alleges that 16 major U.S. universities and colleges, including a number of Ivy League schools, have violated antitrust laws by working together to determine students' financial aid packages.

Driving the news: According to the lawsuit, the schools "participated in a price-fixing cartel that is designed to reduce or eliminate financial aid...and that in fact has artificially inflated the net price of attendance for students receiving financial aid."

Thousands without power as "hazardous" winter storm lashes East Coast

Winter view from Charlotte as winter storm Izzy creates dangerous conditions in Charlotte, N.C. on Jan. 16. Photo: Peter Zay/Anadolu Agency via Getty Images

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The big picture: Heavy snow and ice accumulations were "likely to produce hazardous travel," downed trees and more outages from the Mid-South to the Northeast, per the National Weather Service. Some parts of the U.S. can expect to see up to a foot of snow through Monday.

Updated 6 hours ago - Science

Volcanic eruption in Tonga caused "significant" damage

This satellite image of the eruption on Jan. 15 taken by Himawari-8, a Japanese weather satellite operated by Japan Meteorological Agency and released by National Institute of Information and Communications Technology (NICT). Photo: NICT via AP

Significant damage has been reported in Tonga following an undersea volcanic eruption on Saturday, which covered the Pacific nation in ash and cut off communication lines.

Driving the news: The eruption triggered tsunami warnings across Tonga's islands and in other regions, including the West Coast of the U.S. and New Zealand, which were later lifted.