Cryptocurrency is no stranger to trouble, and scams have become a major presence in the crypto space, resulting in lawsuits.
Kim Kardashian and Floyd Mayweather are high-profile names who have been in a legal battle with EthereumMax, the leading Ethereum cryptocurrency.
Lawyers accused them of defrauding cryptocurrency investors.
However, the two will likely win the case.
The ruling
On Monday, US District Judge Michael Fitzgerald issued a court ruling stating that the investor attorneys behaved like the SEC.
Preliminary rulings show how a judge decides on a case before trial.
Earlier this year, investors sued several celebrities.
They claimed that Kim Kardashians and Floyd Mayweather worked to inflate the price of EthereumMax tokens and dump them, leaving others out of their pockets.
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EthereumMax
Ethereum is the blockchain of the second-largest cryptocurrency in the world, and EthereumMax is its token.
The token made headlines in 2021 when celebrities began to promote it.
However, it doesn’t seem to be of any use.
Judge Fitzgerald noted that Kardashian and Mayweather did not want to call EthereumMax a security “for obvious reasons.”
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Kim Kardashian
Last month, Kim Kardashian agreed to pay the SEC $ 1.26 million to settle charges against her accusing her of going down EMAX.
The TV celebrity teased a big announcement with an Instagram story in which she talked about EMAX tokenomics.
While they reached a deal, Kim Kardashian neither acknowledged nor denied the regulator’s allegations.
SEC President Gary Gensler said the government agency took over the high-profile case.
The case fell on them because Kardashian’s post didn’t mention how much she was paid to promote EMAX, a necessary step in promoting the titles.
Charles Randell, the chairman of the UK’s Financial Conduct Authority, labeled the stardom’s stance as “the financial promotion with the single biggest audience reach in history.”
Reference:
Kim Kardashian, Floyd Mayweather set to win Ethereum Max lawsuit
