EthereumMax lawsuit dismissed

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Updated December 9, 2022 | Published December 9, 2022

2 mins read

The plaintiffs sought to prove that celebrities, consultants and EthereumMax co-founders misled investors.

A federal judge has dismissed a proposed class-action lawsuit against the founders of cryptocurrency EthereumMax.

The lawsuit had involved celebrities, including Kim Kardashian and Floyd Mayweather Jr, who allegedly endorsed the currency and shared it with their millions of followers worldwide.

The lawsuit attempted to bring the would-be defendants to court and prove that people bought EMAX because of the awareness raised by Mayweather Jr and Kardashian, resulting in losses.

The plaintiffs also sought to prove that the EMAX tokens value had been inflated artificially.

However, on Wednesday Judge Michael Fitzgerald said he did not agree entirely – and not enough to proceed with the lawsuit.

The judge acknowledged and recognized the concerns expressed by the lawsuit proposal, ie that celebrities can persuade millions of followers to do something.

However, he said the onus was on investors to act carefully, and not so much on the celebrities in this case to offer advice on how to manage their funds.

The plaintiff’s claims were insufficiently backed, the judge said. He argued that fraud cases must meet very high standards in order to proceed.

The lawsuit named several other people as well, including former Boston Celtics player Paul Pierce, Steve Gentile, Giovanni Perone, and the co-founders of Ethereum Max, along with Justin French, a consultant and developer for the crypto industry.

Fitzgerald has not completely dismissed the concept of the lawsuit and said that the plaintiffs can refile through their lawyers if they make the necessary amendments.

Kardashian’s lawyer Michael Rhodes said that he was pleased with the court’s decision.

Class-action lawsuits involving crypto are becoming more common in the US. A similar case was placed against FTX’s former CEO Sam Bankman-Fried and a number of celebrity backers.

Earlier this year, Kardashian agreed to settle a dispute with the US Securities and Exchange Commission and paid $1.26m.

Mark Cuban, a prominent entrepreneur and crypto backer, was also named as a co-defendant in a Voyager lawsuit.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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