Kim Kardashian Sued in Crypto 'Pump and dump' Case
46813-Jan-2022
Kim Kardashian is among the three celebrity who has been sued by investors in the EthereumMax cryptocurrency.
The charges and complaints were made against all of them for “Misleading Promote and sell” of the EthereumMax, cryptocurrency.
Highlighted Facts
- Kim Kardashian, a star celebrity of the USA being sued for influencing investors to buy crypto.
- Including Kim Kardashian, two others are the boxer Floyd Mayweather and basketball Player Paul Pierce.
- EthereumMax said it disputed the allegations and looked forward to the truth coming out.
Read More: Republic of Palau Partners With Cryptic Labs to Launch Digital Residency Programme
The news is circulating in the business market about Kim Kardashian and the other two are the Boxer Floyd Mayweather and Basketball player paul Pierce also promoted the cryptocurrency Ethereum last month.
The main cause that has been revealed is all the three defendants have promoted misleadingly and sold the cryptocurrency named Ethereum.
The comment has been mentioned that besides the name of the EthereumMax, it has no connection with the Ethereum Cryptocurrency.
Losing investments
The class of the people claims that the EthereumMax used a ‘pump and dump’ scheme used to inflate the price of an asset and then sell to the unwitting investors in terms of high profit.
The complaint that has been filed in the Central District Court of California has the words as
“Company’s Executive, collaborating with several celebrity promotors” made “false or misleading statement to investors about EthereumMax through social media advertisement and other promotional activities.”
In return, the defendant touted the ability of investors to make significant returns alleges, and said about resulting in the artificial increase in the price of the cryptocurrency.
“Causing investors to purchase these losing investments at inflated price” also enabling the executive of EthereumMax to name in the legal action to “sell their Emax tokens to investors for a profit.”
The complaint also involves the former National Basketball Association (NBA) Mr. Pierce also promoted the EthereumMax and “widely posted” about the praising content for the platform of EthereumMax as the best platform to make the money and grow it in the fast method.
The EthereumMax Statement
The EthereumMax told in an interview given to BBC that the marketing and public relation efforts “are always from an awareness perspective and not encouraging to purchase- as the Kim K post was simply intended to raise awareness about the project and its utility,”
“We intend that our marketing and PR efforts encourage people to reach our project… before making any decision,” Ethereum told in an interview.
“This approach takes a lot of time, energy, and resources is in stark contrast to the quick pump and dump schemes out there.”
Steve Gentile, who has been named as the co-founder member of Ethereum and also the head of the project in the complaint filed in court, told the BBC about the mater as
“The deceptive narrative associated with the recent allegations is riddled with misinformation about the EthereumMax project,”
Further said
“We dispute the allegations and look forward to the truth coming out.”
Kim Kardashian and other people have not mentioned any comment about the matter but in the future, we are expecting to listen to it.
