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Kim Kardashian seems to prevail in the Ethereum Max lawsuit

30/11/2022
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It would seem that Kim Kardashian, a celebrity worth billions of dollars, has prevailed in the Ethereum Max lawsuit. A class-action complaint accusing Kim Kardashian and boxer Floyd Mayweather of sexual misconduct was submitted to a judge in the United States District Court for the District of Columbia by plaintiffs in January.

According to the allegations made in the complaint, Kim Kardashian and a former boxing champion defrauded investors using the little-known cryptocurrency EthereumMax. They reportedly participated in a technique known as “pump and dump,” which includes exaggerating the value of the Ethereummax token and encouraging investors to purchase EMAX at “inflated prices.”

Fitzgerald noted that the attorneys representing the investors are attempting to behave in the same manner as the United States Securities and Exchange Commission. He also said that they do not consider the tokens to be a security and that they did not use a traditional securities fraud allegation in their legal proceeding.

In addition to this, he said that the celebrities did not make an effort to characterize the tokens as secure for the reasons that are evident.

In August, Kadarshian made a motion to have the EthereumMax lawsuit thrown out while investors were in the process of deciding whether or not to sue Kim Kardashian and other celebrities, such as basketball player Paul Pierce and boxer Floyd Mayweather, for their involvement in the EthereumMax Ponzi scheme.

The price of the token reportedly increased by 1,370% shortly after its introduction in May and then plummeted to its lowest point with a 98% decline from which it has never recovered. The launch took place in May. The price fluctuations showed that these celebrities artificially inflated the value of the tokens by pushing them through their social media accounts, and then they sold their holdings, leaving others without any money.

Compiled by Coinbold

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