Lawyers for Kim Kardashian have filed a joint motion to dismiss a class action lawsuit against a celebrity for promoting the altcoin EthereumMax (EMAX). Cointelegraph reports it.
The defense insists on the unproven fact that Kardashian’s advertising stories on Instagram inspired investors to invest in the token.
“None of the named plaintiffs claim to have actually viewed any Instagram post before purchasing the tokens,” the petition reads.
Lawyers say the plaintiffs also failed to provide evidence of celebrities receiving payments in Ethereum for promoting EMAX on their social media.
Recall that the altcoin EthereumMax became widely known in late spring 2021. On May 26, ex-NBA star Paul Pierce published an advertising post on his Twitter – within a few days, the price of EMAX reached a maximum, after which it fell by more than 80% in 11 days.
In mid-June, EMAX rose again, coinciding with Kim Kardashian’s Instagram Stories posting. After that, the coin rushed down and has lost more than 97% since reaching its peak.
In January 2022, the Central District of California Court received a lawsuit against the Kardashians, boxer Floyd Mayweather, and eight other people. Investors accused them of conspiring with project leaders Steve Gentile and Giovanni Perone to mislead about control of most of the tokens.