EthereumMax Promoters Sued in a Legal Case
EthereumMax, the cryptocurrency which has lost its value, is sued by investors who lost their money.
The majority of investors are suing celebrity promoters such as media personality Kim Kardashian, boxer Floyd Mayweather as well as the legend of the Boston Celtics, Paul Pierce.
The lawsuit, which was launched in California, assumes that these people were in close partnership with the EthereumMax token and misleadingly promoted the asset to society.
EthereumMax, which shares its name with the famous Ethereum, has no connection with the latter, as well as its protocol and blockchain.
It was stipulated that an infamous “pump a dump” scheme was used to mislead investors and make them purchase the token. EthereumMax had nothing to back the value of the currency with and it was constantly pushing the market hype.
Paul Pierce for example has participated in several promotional Tweets, emphasizing the ability of the investment company to make money for him.
Kim Kardashian in her turn, wrote on Instagram, that she was not sharing financial advice, but saying what the friends told her about the token.
Charles Randell, who is the head of the Financial Conduct Authority in the United Kingdom, said Kim Kardashian basically told her followers to speculate on cryptocurrencies.
The company in a statement with the BBC denies all the claims. EthereumMax representatives noted that they were only spreading the awareness, not telling people to purchase the cryptocurrency.
Floyd Mayweather, an undefeated boxer and one of the greatest fighters of all time, has a vague relationship with the token. There is little evidence that he did actually participate in promoting the token, but the match against Logan Paul mentioned EthereumMax.