Remember Ethereum Max, a cryptocurrency that was briefly sold by a select group of very wealthy celebrities and athletes? Then, according
to Decrypt, at least nine of the celebrities who made the purchase of this digital asset have filed a lawsuit against the billionaire who created and sold these assets.
In view of this, billionaire socialite Kim Kardashian is still fighting the lawsuits that have been filed against her on charges of
promoting a "pump and dump" token. Accordingly, on July 29, the billionaire's lawyers filed a motion in the California district court in
an attempt to dismiss the lawsuit that has been filed against her. Among the investors who are suing Kim Kardashian are boxer Floyd Mayweather and former basketball star Paul Pierce for promoting this token.
According to the socialite's defense, the token buyers are relying solely on two posts that are on the celebrity's Instagram
however, they argue that Kim did not give investment advice on the cryptoactive. "Crucially, no named author
alleges that she actually saw any of the Instagram posts before purchasing tokens during the relevant period," the document says.
Finally, EthereumMax was an unknown token until some celebrities promoted the asset during the maximalist Bitcoin conference
in Miami in June 2021. EMAX until then showed no use, trading at $0.000000004702, which eventually generated all the lawsuit cases.