Kim Kardashian and Floyd Mayweather File Lawsuit to Dismiss Lawsuit Over Alleged Endorsement of EthereumMax
Kim Kardashian, Floyd Mayweather and other well-known celebrities are vying to convince a judge to dismiss a lawsuit alleging they failed to properly disclose their defense of EthereumMax (EMAX ).
What Happened: The Investor Class Action Lawsuit alleges that the EthereumMax team and various celebrities worked together to falsely promote EMAX tokens, thereby creating artificial demand that has ultimately resulted in a "pump and dump" for investors.
Learn More: Best Indian Apps That Offer Bitcoin Rewards, NFT< /em>
Defendants' motion to dismiss the renewed lawsuit argues that the theory that celebrities artificially raise the price of EMAX tokens by advertising them fails for a simple reason: n 'have any other value than the market is willing to pay for them.
The celebrities in the filing wrote, "The Court otherwise dismissed the previous complaint in its entirety due to fundamental flaws. The addition of new claims, new defendants and more 100 pages of largely irrelevant allegations does not remedy the faults."
Kardashian has already been sanctioned for its involvement in promoting EthereumMax on social media. On October 3, the Securities and Exchange Commission (SEC) imposed a $1.26 million settlement for failing to disclose that she was paid $250,000 for her promotional efforts.
Read more: Bitcoin, Ethereum, Dogecoin slide after Fed minutes Mixed: Analyst Says China Won't Have 'Future Fuel Cycle'
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Kim Kardashian, Floyd Mayweather and other well-known celebrities are vying to convince a judge to dismiss a lawsuit alleging they failed to properly disclose their defense of EthereumMax (EMAX ).
What Happened: The Investor Class Action Lawsuit alleges that the EthereumMax team and various celebrities worked together to falsely promote EMAX tokens, thereby creating artificial demand that has ultimately resulted in a "pump and dump" for investors.
Learn More: Best Indian Apps That Offer Bitcoin Rewards, NFT< /em>
Defendants' motion to dismiss the renewed lawsuit argues that the theory that celebrities artificially raise the price of EMAX tokens by advertising them fails for a simple reason: n 'have any other value than the market is willing to pay for them.
The celebrities in the filing wrote, "The Court otherwise dismissed the previous complaint in its entirety due to fundamental flaws. The addition of new claims, new defendants and more 100 pages of largely irrelevant allegations does not remedy the faults."
Kardashian has already been sanctioned for its involvement in promoting EthereumMax on social media. On October 3, the Securities and Exchange Commission (SEC) imposed a $1.26 million settlement for failing to disclose that she was paid $250,000 for her promotional efforts.
Read more: Bitcoin, Ethereum, Dogecoin slide after Fed minutes Mixed: Analyst Says China Won't Have 'Future Fuel Cycle'
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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