Kim Kardashian and Floyd Mayweather Jr. Win in Court: Crypto Lawsuit Dismissed
Big news in the world of celebrity crypto endorsements! A federal judge in California on Wednesday dismissed a lawsuit against reality TV star Kim Kardashian and boxing legend Floyd Mayweather Jr., among others, over their role in promoting the EthereumMax (EMAX) token. This development comes after months of legal battles and accusations of misleading investors.
The EMAX Crypto Promotion Controversy
Kim Kardashian, Floyd Mayweather Jr., and Paul Pierce were among a number of celebrities being sued for allegedly leading investors into a cryptocurrency “pump and dump” scheme involving EMAX. A group that invested in the token has now filed a lawsuit, claiming they suffered significant financial losses after the token's value plummeted. The lawsuit centered around allegations that these celebrities promoted EMAX without adequately disclosing their financial ties to the project.
Specifically, Kim Kardashian, Floyd Mayweather Jr. and Paul Pierce promoted a crypto token called EthereumMax last May, allegedly enticing their followers to invest. The controversy highlights the potential risks associated with celebrity-endorsed cryptocurrencies and the importance of due diligence before investing.
Lawsuit Dismissed: What Happened?
While the exact reasons for the dismissal are detailed in court documents, a federal judge dismissed a lawsuit against Kim Kardshian and Floyd Mayweather Jr. Wednesday over their alleged roles in a cryptocurrency scheme. This ruling marks a significant victory for Kardashian and Mayweather in this ongoing legal saga.
Kim Kardashian's Previous SEC Settlement
It's important to note that this dismissal is separate from a previous settlement. Kim Kardashian has settled for $1.26 million charges brought by the Securities and Exchange Commission for promoting EMAX without disclosing that she also received payment. This SEC action underscores the regulatory scrutiny surrounding celebrity endorsements in the crypto space.
This latest development leaves many questions unanswered. What does this mean for other celebrity crypto endorsements? Will the investors appeal the dismissal? Stay tuned for further updates on this developing story.