Kardashian and Mayweather Move to Dismiss Crypto Promotion Lawsuit
Celebrities, including Kim Kardashian and Floyd Mayweather, are facing renewed allegations of promoting EthereumMax (EMAX) without proper disclosure.
EthereumMax investors filed a second amended complaint in December 2022, which the defendants are looking to have dismissed.
The class-action lawsuit claims that the EthereumMax team collaborated with celebrities to sell EMAX tokens to investors in a "pump-and-dump" scheme.
Defendant argues tokens' value is market-dependent and the court rejected the theory of celebrity-induced price manipulation.
The motion argues that the investors' claim of holding onto EMAX due to misrepresentations by the celebrities did not cause any injury to them.