Class action against EthereumMax names Kim Kardashian, Floyd Mayweather Jr., as defendants

A class action against EthereumMax and its promoters has named reality star Kim Kardashian, boxer Floyd Mayweather Jr. and former NBA player Paul Pierce among the defendants. 

Plaintiff Ryan Huegrich brought the suit on behalf of all investors who purchased EthereumMax, or EMAX, tokens between May 14 and June 17 of 2021. The case alleges EthereumMax executives and promoters made false or misleading statements through social media advertisements and other promotional efforts.

Huegrich claims the executives obscured their control over the tokens, as well as what percentage were available for public trading during the May to June timeline, in order to pump the price and sell their own portions of EMAX at a profit. They pumped the price by driving interest in the token through celebrity endorsements, including those of Kardashian, Mayweather Jr. and Pierce according to the complaint.