Bitcoin and altcoins

Kim Kardashian is facing a lawsuit for promoting EthereumMax on Instagram

The reality TV star pushed an obscure Ethereum-based token, EMAX, on Instagram last year – and now she’s being sued for it.

Have you already heard about EthereumMax? The cryptocurrency briefly touted by a handful of rich celebrities and athletes? Well, at least nine investors certainly do, and they’re looking to get back at those celebrities, including Kim Kardashian, in a class action lawsuit.

The name “Ethereum Max” has begun to swirl around the English-speaking cryptosphere, as several celebrities have mentioned it on social media.

Reality TV star Kim Kardashian is still fighting the lawsuit, which claims she promoted a “pump and dump” token. On Friday, her lawyers filed a motion in a California district court in an attempt to have the lawsuit against her dismissed.

Suffered “investment losses”?

The background: a number of investors sued Kim Kardashian, boxer Floyd Mayweather and former basketball star Paul Pierce in January for allegedly promoting the crypto EMAX (or EthereumMax).

The plaintiffs suffered “investment losses” and blame the celebrities for talking about 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 runs on Ethereum, which hosts thousands of altcoins, but it doesn’t seem to have any use. Right now, it’s trading at a price of $0.000000004702, according to Coingecko

According to the lawsuit, the plaintiffs invested money after “seeing numerous celebrity ads for EMAX.”

Kim Kardashian’s defense now that the token buyers based only on two of her Instagram posts – and in those posts, the celebrity didn’t give investment advice, it claims.

The complaint also states that the token buyers did not specify that they had seen Kim Kardashian’s posts in advance or that they purchased the EMAX tokens because of those posts.

It is important to note that none of the named plaintiffs claim to have seen any of the Instagram posts before purchasing tokens during the relevant time period.

Last year, Kim Kardashian shared to her 228 million followers (she now has 327 million) “a big announcement” via a story where she talked about EMAX tokenomics.

She also clarified in the post that it was “not financial advice” – which may or may not come to her rescue:

Additionally, platforms like Instagram and Twitter are loaded with exaggeration and bluster, so ordinary consumers should know that they are not reliable sources of financial advice, Kim Kardashian’s Friday defense adds.

Image Source : Getty image

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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