Billionaire celebrity Kim Kardashian seems to win Ethereum Max Lawsuit. U.S. District Judge Michael Fitzgerald issued a tentative view in a class-action lawsuit filed in January against Kim Kardashian and boxer Floyd Mayweather.
The lawsuit alleges that the Kardashian and ex-boxing champion scammed investors with the obscure cryptocurrency EthereumMax. They were allegedly involved in a “pump and dump” scheme, hyping the Ethereummax token and prompting investors to buy EMAX at “inflated prices”.
Fitzgerald explained the lawyers representing the investors are trying to act like the US SEC. He added they haven’t chosen to view the tokens as security and didn’t invoke a standard securities fraud claim in their case.
He also noted that these celebrities didn’t care to label the tokens as security for obvious reasons.
While investors made up their minds to sue Kim Kardashian along with other celebrities such as Basketball player Paul Pierce, and boxer Floyd Mayweather, Kadarshian moved for dismissal of the EthereumMax lawsuit in August.
As per the sources, the token’s price soared 1,370% soon after its launch in May and slumped lowest with a 98% drop from which it has never recovered. The price movements suggested these celebrities pumped the tokens by promoting them via their social media handles and then dumped their holdings, leaving others out of pocket.
