Kardashian and Mayweather Jr. acquitted in EthereumMax case

The pair were acquitted following a judge’s ruling contesting that neither Mayweather Jr. nor Kardashian promoted EthereumMax as a security.

Kim Kardashian and Floyd Mayweather Jr. have won a lawsuit that claimed they had facilitated and aided a scam perpetrated by EthereumMax.

The class-action lawsuit was filed in January on behalf of investors who held stakes in the company.

According to the plaintiffs, they used their likeness and imagery to “inflate prices” for the EMAX tokens minted by EthereumMax.

The ruling comes a month after Kardashian decided to settle for $1.26m with the US Securities and Exchange Commission (SEC), in which she faced a similar accusation.

According to judge Michael Fitzgerald who issued the lastest ruling, the celebrities did not label the tokens as securities for what he said were “obvious reasons”.

Neither Kardashian nor Mayweather commented. A final written order will be delivered at a later unspecified time.

However, Kardashian has been known to quasi-endorse cryptocurrencies, as she wrote: “Are you guys into crypto? This is not financial advice but sharing what my friends told me about the EthereumMax token!”

While this statement clearly exempts Kardashian from legal obligation, it’s still important to be careful about these statements, as broadcasting such messages to 200m followers could easily result in massive investment followed by massive divestment, which is more or less what “pump and dump” schemes are.

Neither Kardashian nor Mayweather Jr have communicated any remorse, although they have mostly avoided comment on cryptocurrencies and blockchain online since their legal troubles.

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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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