Disgruntled investors are suing Kim Kardashian, Floyd Mayweather and Paul Pierce over the promotion of Ethereum Max (EMAX).
New York resident Ryan Hugerich and other plaintiffs filed a class action lawsuit against celebrities in California district court. Investors purchased EMAX tokens last spring, believing the advertising campaign of the stars.
The complaint notes:
Defendants touted EMAX's prospects and encouraged investors to profit from EMAX's unique "tokenomics."
Huegerich sued not only the celebrities, but also the as-yet-unknown corporation behind the EMAX tokens.
"Plaintiff will determine the appropriate Corporate Defendant by identifying the executive defendants," the complaint states. complaint.
According to CoinGecko, EMAX reached an all-time high of $0.000000597636 last May, after which the token plunged 96.9%.
In June, Kardashian promoted EMAX to his Instagram followers. Kardashian's EMAX Instagram ad had a 19% conversion rate, according to a Morning Consult survey.
Pearce promoted EMAX on Twitter in May.
In September, the chairman of the United Kingdom's Financial Conduct Authority, Charles Randell, referred to Kardashian's post and accused influencers of fueling the "illusion of getting rich quick."
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