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Offended investors sue Kim Kardashian, Floyd Mayweather and Paul Pierce over Ethereum Max promotion (EMAX).
New Yorker Ryan Hugerich and other plaintiffsfiled a class action lawsuit against celebrities in California District Court. Investors bought EMAX tokens last spring, believing in the advertising campaign of the stars.
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The complaint noted:
Defendants touted the prospects for EMAX and encouraged investors to profit from EMAX's unique “tokenomics”.
Hugerich has sued not only the celebrities, but also the as-yet-unknown corporation behind the EMAX tokens.
“The Plaintiff will identify the appropriate Corporate Respondent by identifying the executive respondents,” the complaint says.
According to CoinGecko, in May last year, the EMAX hit an all-time high of $ 0.000000597636, after which the token plummeted 96.9%.
In June, Kardashian promoted EMAX to his Instagram followers. According to a Morning Consult poll, the Kardashian EMAX ads on Instagram had a 19% conversion rate.
Pierce promoted EMAX on Twitter in May.
In September, the chairman of the United Kingdom's Financial Conduct Authority, Charles Randall, referred to the Kardashian post and accused influencers of fomenting the "get-rich-quick illusion."
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