HomeCoinsEthereum (ETH)EthereumMax lawsuit names Kardashian, Mayweather Jr. as defendants

EthereumMax lawsuit names Kardashian, Mayweather Jr. as defendants

- Advertisement -


advertisement

EthereumMax lawsuit names Kardashian, Mayweather Jr. as defendants

A class action against EthereumMax and its promoters has named reality star Kim Kardashian, boxer Floyd Mayweather Jr. and former NBA player Paul Pierce among the defendants. 

Plaintiff Ryan Huegrich brought the suit on behalf of all investors who purchased EthereumMax, or EMAX, tokens between May 14 and June 17 of 2021. The case alleges EthereumMax executives and promoters made false or misleading statements through social media advertisements and other promotional efforts.

Huegrich claims the executives obscured their control over the tokens, as well as what percentage were available for public trading during the May to June timeline, in order to pump the price and sell their own portions of EMAX at a profit. They pumped the price by driving interest in the token through celebrity endorsements, including those of Kardashian, Mayweather Jr. and Pierce according to the complaint. 

“In plain terms, EthereumMax’s entire business model relies on using constant marketing and promotional activities, often from “trusted” celebrities, to dupe potential investors into trusting the financial opportunities available with EMAX Tokens,” said the complaint.

The UK’s Financial Conduct Authority chair, Charles Randell, expressed his concern over Kardashian’s EMAX promotions in September 2021, saying it was imperative that crypto regulations cover paid-for advertising on online platforms.

EMAX tokens are ERC-20 tokens based on the Ethereum blockchain, but have no other connection to Ethereum itself, according to the case. The case alleges the name is another obfuscation by the EthereumMax defendants to dupe investors into believing they had deeper ties to the Ethereum network.

“It would be akin to marketing a restaurant as “McDonald’sMax” when it had no affiliation with McDonald’s other than the name similarity and the fact that both companies sell food products,” argued the complaint. 

Trending Stories



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,561FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 43,117.00
ethereum
Ethereum (ETH) $ 3,326.71
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 390.32
litecoin
Litecoin (LTC) $ 147.52
eos
EOS (EOS) $ 2.92
okb
OKB (OKB) $ 26.02
tezos
Tezos (XTZ) $ 4.27
leo-token
LEO Token (LEO) $ 3.77
cardano
Cardano (ADA) $ 1.29
monero
Monero (XMR) $ 217.26
stellar
Stellar (XLM) $ 0.259229
chainlink
Chainlink (LINK) $ 25.20
huobi-token
Huobi Token (HT) $ 10.02
tron
TRON (TRX) $ 0.068572
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 141.48
neo
NEO (NEO) $ 25.39
iota
IOTA (MIOTA) $ 1.13
nem
NEM (XEM) $ 0.118105
zcash
Zcash (ZEC) $ 144.55
maker
Maker (MKR) $ 2,211.44
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 32.76
vechain
VeChain (VET) $ 0.078604
true-usd
TrueUSD (TUSD) $ 0.999452
ftx-token
FTX Token (FTT) $ 45.95
kucoin-shares
KuCoin Token (KCS) $ 20.36
waves
Waves (WAVES) $ 14.69