One investor sues Kardashian Kim, Floyd Mayweather, and Paul Pierce over an Ethereum Max promotion, arguing he was influenced by the social media influencers so let’s read more in today’s altcoin latest news.
The investor sues Kardashian, Mayweather, and Pierce for promoting the EMAX token during May and June of last year. EMAX lost most of the value since reaching a high in May 2021. if you think etheruem is having a hard time, you should see the prices for Ethereum Max which is an ETH-based token that generated publicity last summer via endorsements from celebrities such as former Paul Pierce, Floyd Mayweather, and Kim Kardashian.
All three celebrities are being sued by the aggrieved investor who alleges they colluded with the EMAX co-founders Steve Gentile and Giovanni Perone to boost the price of the token and then dump them whcih left the investors holding the worthless bag. Huegerich argued in the complaint filed in the US District Court of the Central District of California noted:
“Defendants touted the prospects of the company and the ability for investors to make significant returns due to the favorable ‘tokenomics’ of the EMAX Tokens. In truth, defendants marketed the EMAX Tokens to investors so that they could sell their portion of the float for a profit.”
Ethereum max reached a price of $0.00000097636 on May 31, 2021, before falling by more than 80% in 11 days and it then staged a mini-rally in June around the time of Kardashain’s post before falling even lower but since reaching a high, it lost over 97% of the price and sells for slightly less. Huegrich purchased EMAX tokens between May 14 and June 17 and looked to be the main plaintiff in the class action. The ERC-20 token came into the crypto consciousness when Mayweather arrived at June’s BTC 2021 conference in Miami and wore an Ethereum Max t-shirt despite all of the organizers warning attendees to leave the talk of non-BTC assets outside of the conference.
EMAX was sponsoring a boxing match last month between Logan Paul and Mayweather. In 2018, Mayweather was fined by the US SEC for promoting the initial coin offerings without disclosing he was paid to do so. The next week, Kardashian who linked to an ad for the EMAX-sponsored event in May shared a story with more than 200 million followers where they touted Ethereum Max while using the #AD hashtag to signify that it was a commercial. The screen read:
“Are you guys into crypto???? This is not financial advice but sharing 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 giving back to the entire E-Max community.”