• A group of celebrities including Kim Kardashian, Floyd Mayweather, and others have asked a federal court in California to dismiss their revived case over EMAX.
• Investors said the celebrities artificially inflated the asset’s value via social media attention.
• Last year, investors who lost money in the EthereumMax (EMAX) filed suit against the prominent persons behind it.
Celebrities Urge Court To Dismiss Lawsuit Over EthereumMax Promotions
A group of celebrities including Kim Kardashian, Floyd Mayweather, and others have asked a federal court in California to dismiss their revived case over EMAX. Magistrates dismissed a similar indictment against the accused in December of last year.
Investors Allegation
Investors said the celebrities artificially inflated the asset’s value via social media attention. Last year, investors who lost money in the EthereumMax (EMAX) filed suit against the prominent persons behind it. They said that they had used their fame and influence to manipulate its price and then sold it off for a profit.
Kim Kardashian Settlement
With over 345 million Instagram followers, Kardashian reportedly earned $250,000 to promote EMAX on her page. In October 2022, she settled the charges for $1.26 million after receiving a $244,000 payment from EthereumMax.
Paul Pierce Settlement
The US SEC has now accused NBA legend Paul Pierce of improperly advertising the EMAX cryptocurrency on his social media pages without entering a plea. He settled for paying a fine of more than $1 million plus $240,000 in disgorgement and prejudgment interest with an agreement not to promote any crypto asset securities for three years.
Court Dismissal Requested
The defense argued that there was no way to know for sure whether or not investors had really seen advertisements on social media when filing lawsuit against them which led magistrates to dismiss similar indictment against them last December leading them asking court to dismiss this one too as well as being identical cases with same accusation holding no ground again them all this time around too