The investor filed a lawsuit against Kim Kardashian and Floyd Mayweather because of their participation in the promotion of the Ethereum Max token (EMAX). According to the plaintiff, the stars colluded with the organizers of the project in order to raise the price of the token, the buyers of which subsequently became holders of a depreciated asset many times over.
"The defendants praised the company's prospects and talked about the possibility of obtaining substantial income for investors due to favorable EMAX tokenomics—" the lawsuit says. - In fact, the defendants promoted EMAX tokens among investors in order to be able to sell their part at more favorable prices."
Ethereum Max peaked at $0.000000597636 on May 31, 2021, after which it declined by 80% in 11 days. In June, the token experienced a slight rise against the background of the Kardashian message, but now it is trading 97% below record levels.
According to Decrypt, the plaintiff bought EMAX from May 14 to June 17 and now calls on other token holders to join the proceedings.
For the first time, EMAX became publicly known during Mayweather's visit to the June Bitcoin 2021 conference in a T-shirt with the name of the project, despite the negative attitude to the discussion of altcoins at the event. In the same month, Ethereum Max sponsored a boxing match with the participation of Mayweather, who was fined by the US Securities and Exchange Commission for non-disclosure of information about payment for the promotion of ICO projects back in 2018.
A week after Bitcoin 2021, Kardashian shared a story with her 228 million followers on Instagram, where she promoted Ethereum Max with the tag "#AD", indicating that the material was placed on a commercial basis.
"Are you guys in the crypt? - it was said in the publication of Kardashian. – This is not a financial recommendation, but friends have just told me about the Ethereum Max token! A few minutes ago, Ethereum Max burned 400 trillion tokens - literally 50% of the admin wallet for the sake of enriching the entire Ethereum Max community."
After a stellar start in the middle of last year, EMAX is now almost nowhere traded and has a turnover of less than $150,000 over the past day.