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Kim Kardashian, Floyd Mayweather try to dismiss crypto promotion case

Kim Kardashian, Floyd Mayweather try to dismiss crypto promotion case

Kim Kardashian and Floyd Mayweather are trying to get a judge to throw out a new lawsuit against them for allegedly promoting EthereumMax (EMAX) without giving enough information about it.

EthereumMax promotion lawsuits

The famous people asked a federal judge in California to throw out a EthereumMax investors also filed a second complaint in December.The defendants say that the repeated claims are based on the “same core idea” that the court has already ruled against.

second complaint that investors in EthereumMax filed in December:

The investors’ class action lawsuit is based on the idea that the EthereumMax team worked with celebrities in a “pump-and-dump” scam to sell EMAX tokens to investors.

But the defendants’ motion to throw out the new complaint says that the court has already ruled against the idea that celebrities were advertising EMAX tokens to artificially drive up their price. This is because the tokens have no value other than what the market is willing to pay for them. They said:

“The Court otherwise dismissed the prior complaint in full due to fundamental flaws. The addition of new claims, Defendants, and over 100 pages of largely irrelevant allegations does not cure the defects.”

Also, the motion gives the impression that the investors’ new argument is that they didn’t sell EMAX because celebrities lied about it. On the other hand, the motion to dismiss says that the investors “didn’t lose anything by just holding on to the tokens.”

While that was going on, Kardashian faced backlash on social media for promoting EthereumMax. The American socialite settled with the Securities and Exchange Commission (SEC) on October 3 for $1.26 million. She had not told the SEC that she had been paid $250,000 to promote a cryptocurrency project.

The Securities and Exchange Commission (SEC) just told celebrities who support cryptocurrency to be careful. On February 17, the SEC reminded celebrities that the law says they have to say how much they are paid and by whom when they tell people to invest in securities.

Content Source: cointelegraph.com

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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