The reality star pushed a dark token, EMAX, based on Ethereum on Instagram last year – and has now been sued for it.
Remember EthereumMax, that cryptocurrency briefly touted by a handful of rich celebrities and athletes? Well, at least nine investors certainly remember him and are seeking revenge against those celebrities, including Kim Kardashian, in a class action.
Reality TV star Kim Kardashian is still fighting the lawsuit, which claims to have promoted a token. “pump and drain“. On Friday, her attorneys filed a motion in a California district court asking for the lawsuit against her to be dropped.
The context : a number of investors sued Kim Kardashian, boxer Floyd Mayweather, and former basketball star Paul Pierce in January for allegedly promoting the EMAX (or EthereumMax) crypto.
The applicants suffered “investment lossesand blaming celebrities for speaking out and promoting EthereumMax on social media, according to the lawsuit.
EthereumMax – or EMAX – is a token that no one really knew about until celebrities promoted it. (Floyd Mayweather promoted it on a T-shirt at a bitcoin conference in Miami in June 2021). It works on Ethereum, which is home to thousands of altcoins, but doesn’t seem to be of any use. Right now, it is trading at a price of $ 0.000000004702, according to Coingecko.
According to the lawsuit, the plaintiffs invested the money later “seen many celebrity commercials for EMAX.“
Kim Kardashian’s defense now that token buyers rely on only two of her Instagram posts – and in those posts the celebrity didn’t give investment advice, she says.
The complaint also claims that token buyers did not specify that they saw Kim Kardashian’s messages in advance or that they purchased EMAX tokens due to these messages.
“Importantly, no named applicants claim to have seen any of the Instagram posts prior to the token purchase during the relevant time frame.“
Last year Kim Kardashian shared with her 228 million followers (she now has 327 million) “a great announcement”Through a story in which he talked about EMAX tokenomics.
He also made it clear in the post that “it wasn’tnot financial advice“- who may or may not come to his rescue:”Additionally, platforms like Instagram and Twitter are filled with hype and braggart, so ordinary consumers should know that they are not reliable sources of financial advice.“Adds Kim Kardashian’s defense since Friday.