• 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.
• The US SEC has now accused NBA legend Paul Pierce of improperly advertising the EMAX cryptocurrency on his social media pages.
Celebrities Ask 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 EthereumMax (EMAX). Magistrates previously dismissed a similar indictment against the accused in December 2022.
Investors Claim Celebrities Inflated Asset Value
Investors who lost money in the EthereumMax (EMAX) filed suit against the prominent persons behind it, claiming that the celebrities artificially inflated the asset’s value via social media attention and then sold it off for a profit.
Kim Kardashian Settles Charges For $1.26 Million
Kardashian reportedly earned $250,000 to promote EMAX on her Instagram page, which has 345 million followers. She settled the charges for $1.26 million after receiving a $244,000 payment from EthereumMax.
Paul Pierce Fined Over $1 Million
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 by paying fine of more than $1.1 million plus $240,000 in disgorgement and prejudgment interest and is not allowed to promote any crypto asset securities for the next three years.
Conclusion
The celebrity’s lawsuit over EthereumMax is still ongoing with judges yet to make their decision regarding its dismissal or continuation as investors are still seeking justice for losses incurred due to alleged artificial inflation of its asset value by these celebrities‘ promotion activities on social media platforms such as Instagram.