Back at the beginning of the year, some notable celebrities had been named in a lawsuit over the alleged Ethereum Max (EMAX) scam. These celebrities included reality star Kim Kardashian, boxing legend Floyd Mayweather, as well as former professional athletes Paul Pierce and Antonio Brown. The class action lawsuit had accused the celebrities of pumping the price of the token, which had then inevitably fallen by 97%, causing investors to lose money.
On Monday, it was announced that reality star Kim Kardashian had chosen to settle the lawsuit with the Securities and Exchanges Commission (SEC) for a reported $1.2 million. However, the Kardashian seems to be the only one, as co-defendant Floyd Mayweather continues to fight the lawsuit.
I Never Mentioned Ethereum Max
Boxer Floyd Mayweather is reportedly refusing to go down without a fight, and a motion to dismiss has been filed by his attorneys in the Central District of California. According to the motion, Mayweather claims that he had never made a statement promoting the Ethereum Max token and has implored the plaintiffs to provide proof of when he did so.
Mainly, Mayweather’s association with the Ethereum Max token had come down to him wearing merch containing EMAX-branded token, but the boxer had never actually said anything to promote the cryptocurrency. His attorneys argue against the credibility of the claims in the lawsuit against Mr. Mayweather, saying that it “does not identify a single statement made by Mayweather about eMax tokens or EthereumMax.” The motion also added that “The absence of such allegations is fatal to every claim pled against Mayweather and requires that he be dismissed from this lawsuit.”
Mayweather’s attorneys argue that his statement at the bitcoin conference in Miami back in 2021, where he said that there was another cryptocurrency that would be “just as large as Bitcoin someday,” does not translate as promoting the EMAX token. “Importantly, Mayweather is not alleged to have made any statement promoting EthereumMax, nor is he alleged to have even received eMax Tokens,” the filing reads.
Following the filing of the motion to dismiss by Mayweather’s attorneys, a November 7th date has been set for a hearing. While Kim Kardashian had gone the settlement route and Floyd Mayweather continues to fight, they remain a part of the class action lawsuit which was filed back in January.
SEC boss Gary Gensler has also taken this as an opportunity to remind celebrities and influencers that the law requires them to disclose how much they are paid to endorse investment opportunities. In the case of Kim Kardashian, it was $250,000.
Featured image from Sporting News
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
