Monday, August 15, 2022

Kim Kardashian has sued in cryptocurrency’s ‘pump and dump’ case

American model Kim Kardashian has sued in EthereumMax cryptocurrency’s case with two other celebrities by investors. Whereas, Floyd Mayweather Jr. Paul Pierce and the currency makers are the accused of this case. It has alleged in the lawsuit that the celebrities worked together with EthereumMax to misrepresent and market the cryptocurrency.

Despite its name EthereumMax is unaffiliated with Ethereum in any way, shape, or form. EthereumMax has denied the charges and stated that it is eagerly awaiting the discovery of the truth.

EthereumMax hs accused of operating a “pump and dump” operation. In this technique, Deceptive marketing has used to artificially boost the price of an asset. It can all done before sell any asset to unknowing investors for a profit.

By cooperating with a number of high-profile celebrities, EthereumMax officials made false or deceptive assertions to investors regarding the company’s products. Thats why investors have sued Kim Kardashian and other’s in cryptocurrency’s case in District court of California.

According to the lawsuit, people who invested between the dates of May 14 and June 27 of 2021 are the plaintiffs.

EthereumMax has quick to deny the allegations and eager to learn the truth.

Moreover, EthereumMax said in a statement, “Our marketing and public relations activities are always from an awareness viewpoint. The Kim K article has just designed to create awareness of the project and its value.”

Read Also: Kylie Jenner became world’s first woman to reach 300M Instagram Followers

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