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Kim Kardashian, Floyd Mayweather Jr. and fellow Celeb Crypto Promoters Defeat Lawsuit

Opinions expressed by australiabusinessblog.com contributors are their own.

Since the onset of the crypto winter in the summer of 2022, celebrities have learned hard lessons about the dangers of new products in shillings. Several, including Kim Kardashian and Floyd Mayweather Jr., managed to avoid court payouts after a California judge dismissed the lawsuit against them, concluding that investors were unaware of the celebs’ promotional efforts.

Taylor Hill | Getty Images

A lawsuit was filed in January alleging that EthereumMax executives and celebrity promoters participated in a scheme designed to get investors to buy EMax tokens — an action that drove up the price of the cryptocurrency and generated significant profits once the celebs and execs sold their holdings.

Here’s more from CNN:

U.S. District Judge Michael Fitzgerald in Los Angeles said the investors could amend and refile their proposed class action.

The decision comes as another Celebrity promoters are facing lawsuits from users of the failed cryptocurrency exchange FTX, whose collapse has deepened an ongoing “crypto winter”.

Attorney Sean Masson represented the plaintiffs in the EthereumMax lawsuit. He indicated plans to amend investors’ allegations by adding “additional facts demonstrating the defendants’ misconduct and liability.”

CNN also quoted Kim Kardashian’s attorney, Michael Rhodes, as having no complaints, saying celebrity representatives were pleased with what he called “the court’s well-reasoned ruling.”

Judge Michael Fitzgerald explained his dismissal by stating that the plaintiffs could not prove any intent to mislead investors. In addition, investors did not say whether they had seen the promotions, such as Mayweather sporting an EthereumMax logo on his in-ring swimsuit or Kardashian’s Instagram posts.

The claim was definitively rejected. According to Judge Fitzgerald, California statute protects consumers from fraud related to real world products or services – cryptocurrency under consideration intangible. However, aggrieved investors can still get their day in court as they can sue again once they review their claims.

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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