Kim Kardashian Pushes To Dismiss Ethereum Max Lawsuit

Billionaire celebrity, Kim Kardashian, through her legal representatives, has filed a motion to dismiss the action for her alleged promotion of Ethereum Max on Instagram.

Earlier this year, it was alleged that Kim Kardashian’s promotion of Ethereum Max (or EMAX) was part of a scheme to artificially increase the token’s price, but her lawyers said:

“Crucially, no named plaintiff alleges that they in fact viewed either Instagram post before purchasing tokens during the relevant time period.”

Kim’s lawyers

One of the posts on Instagram was clearly marked as an ad, with a disclaimer to warn that it should not be treated as investment advice. Here’s a glimpse into one caption:

“Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max token! A few minutes ago Ethereum Max burned 400 trillion tokens — literally 50% of their admin wallet — giving back to the entire E-Max community.”

KIM KARDASHIAN ON INSTAGRAM

However, the remarks by the head of the U.K.’s Financial Conduct Authority, Charles Randell, gives the complainants ammo.

He said that with 250 million followers, Kim Kardashian’s post “may have been the financial promotion with the single biggest audience reach in history.”  In addition, he said:

“Of course, I can’t say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.”

CHARLES RANDELL

Ethereum Max has fallen by 99.47% since hitting an all-time high of $0.00000092 in May 2021. Crucially, it’s not to be confused with Ether, the world’s second-largest cryptocurrency.

The boxer Floyd Mayweather, as well as the basketball player and pundit Paul Pierce, have also been named in the lawsuit.

Have you read Not your Keys, Not your coins? Find out how illiquid bitcoin is getting.