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Reality TV star Kim Kardashian and boxer Floyd Mayweather Jr are co-defendants in a class-action lawsuit filed in Los Angeles federal court. The case – Huegerich v. Gentile, 22-cv-00163, United States District Court, Central District of California (Los Angeles) – alleging that the pair defrauded investors by promoting a shady cryptocurrency called EthereumMax ( EMAX).
Specifically, Kardashian posted this message to her over 230 million Instagram followers last summer.
The post reads: “Are you guys interested in crypto??? This is not financial advice but just a retweet of what my friends told me about the ethereum max token! “. She added various hashtags, including #ad, a must-have tag to reveal that her posts are paid, along with #emax and #disrupthistory.
Since that post in June 2021, EMAX has increased spectacularly. According to CoinMarketCap data, EMAX – which has nothing to do with Ethererum – was initially launched with two trillion tokens and is currently ranked 4,519 among all cryptocurrencies. The price per token at the time of writing is $0.0000002213 – and the price is down 97% since its all-time high of $0.00000092 at the end of May 2020. The plaintiffs allege that Kardashian forced them buy at a high price before plummeting.
Kardashian has explicitly stated in the post that it is not financial advice. She also announced on her Instagram wall that the EMAX message was a paid advertisement using the symbol – #Ad.
Even so, those precautions did not protect her from being named in the lawsuit, which describes EMAX as a “speculative digital token created by a mysterious group of cryptocurrency developers” – Those developers are also named in the lawsuit.
The court filing alleges violations of California’s consumer protection laws and seeks compensation for “the difference between the purchase price of EMAX tokens and the price at which EMAX tokens are sold,” no statement. public about litigation from Kardashian or Mayweather.
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