An investor is suing Kardashian Kim, Floyd Mayweather and Paul Pierce over an Ethereum Max promotion, arguing that he was influenced by the social media influencers.
The investor is suing Kardashian, Mayweather and Pierce over advertising the EMAX token in May and June last year. EMAX has lost most of its value since it peaked in May 2021. If you think Etheruem is having a hard time, check out the pricing for Ethereum Max, an ETH-based token made famous last summer through referrals from celebrities like former Paul Pierce, Floyd Mayweather and Kim Kardashian.
Floyd Mayweather. Source essentially sports
All three celebrities are being sued by the offended investor who claims they worked with EMAX co-founders Steve Gentile and Giovanni Perone to raise the price of the token and then dispose of it, leaving investors with the worthless bag. Huegerich argued in the complaint filed with the US District Court of the Central District of California:
“Defendants have touted the company’s prospects and the ability of investors to generate substantial returns due to the cheap ‘tokenomics’ of the EMAX tokens. In fact, the defendants marketed the EMAX tokens to investors so that they could sell their share of the float at a profit. “
Ethereum max hit a price of $ 0.00000097636 on May 31, 2021 before falling more than 80% in 11 days and then mini-rallying around the time of Kardashain’s post in June before falling even lower, however since hitting a high, it has lost over 97% of its price and is being sold for slightly less. Huegrich bought EMAX tokens between May 14 and June 17 and appeared to be the lead plaintiff in the class action lawsuit. The ERC-20 token hit crypto consciousness when Mayweather arrived at the BTC 2021 conference in Miami in June wearing an Ethereum Max t-shirt, although all organizers warned attendees to stop the discussion on non-BTC Leave assets outside of the conference.
EMAX sponsored a boxing match between Logan Paul and Mayweather last month. In 2018, Mayweather was fined by the US Securities and Exchange Commission for promoting the first coin offers without revealing that he was paid for them. Over the next week, Kardashian, who linked to an ad for the EMAX-sponsored event in May, shared a story with over 200 million followers promoting Ethereum Max while using the hashtag #AD to signal that it was an advertisement. The screen read:
“Do you like crypto ???? This is not financial advice, but shares what my friends just told me about the Ethereum Max token! A few minutes ago, Ethereum Max burned 400 trillion tokens – literally 50% of their admin wallet that was returned to the entire E-Max community. “
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