Kim Kardashian Tries to Escape EthereumMax Lawsuit

  • 2 min read
  • Aug 03, 2022

Kim Kardashian Tries to Escape EthereumMax Lawsuit

Remember EthereumMax, that cryptocurrency that was briefly used by a handful of wealthy celebrities and athletes? Well, at least nine investors sure do — and they’re seeking payback from those celebrities, including Kim Kardashian, in a lawsuit.

Billionaire socialite Kim Kardashian is still fighting a lawsuit that claims she promoted the “pump and dump” token. On Friday, his lawyers filed a motion in California District Court to dismiss his lawsuit.

Background: A number of investors Sued Kim Kardashian, boxer Floyd Mayweather and former basketball star Paul Pierce were indicted in January for allegedly promoting digital currencies.

According to the lawsuit, the plaintiffs have suffered “investment losses” and blame celebrities for talking about EthereumMax on social media.

EthereumMax or EMAX is a token that no one really knew anything about until celebrities started promoting it. (Floyd Mayweather Famously promoted it on a t-shirt during the Bitcoin Max conference in Miami in June 2021.) It runs on Ethereum, which hosts thousands of altcoins, but seems to have no use. Currently, it is trading at a very low price of $0.000000004702. According to CoinMarketCap.

According to the lawsuit, the plaintiffs invested cash after “seeing EMAX’s celebrity endorsements.”

Kim Kardashian’s defense now, according to Friday’s filing, is that the token buyers are relying on just two of her Instagram posts — and she claims that in those posts, the celebrity didn’t give investment advice.

The filing also says that token buyers did not specify that they saw Kim Kardashian’s posts ahead of time or that they purchased EMAX tokens because of the posts.

“Importantly, no named plaintiff claims to have actually viewed any of the Instagram posts prior to the purchase of tokens during the relevant time period,” the statement said.

Kim Kardashian last year has been shared To his 228 million followers (he now has 327 million followers, making him one of the most popular users on the platform) “a big announcement” via a story where he talked about EMAX’s technomics.

He also said in the post that this was “not financial advice” — something that may or may not have helped him: “Furthermore, platforms like Instagram and Twitter are full of fluff and exaggeration, so average consumers should Be aware that they are not reliable sources of financial advice.

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