Kim Kardashian, Floyd Mayweather, and Paul Pierce all promoted the Ethereum MAX (EMAX) token in May and June of last year.
Following this, an investor is claiming he was overly influenced by these social media influencers as EMAX has lost most of its value since hitting a high on May 31.
Ethereum Max (EMAX), an Ethereum-based token that was publicly supported by celebrities such as Kim Kardashian, boxer Floyd Mayweather, and former NBA star Paul Pierce is struggling. Now, all 3 stars are being sued by an unhappy investor.
The investor said that they conspired with EMAX co-founders Steve Gentile and Giovanni Perone to pump the value of the token and then dump them, leaving investors holding the bag.
Ryan Huegerich filed a complaint with the District Court of the Central District of California, arguing,
"Defendants touted the prospects of the company and the ability for investors to make significant returns due to the favorable 'tokenomics' of the EMAX Tokens."
In the complaint, he also says, "In truth, defendants marketed the EMAX Tokens to investors so that they could sell their portion of the float for a profit."
Ethereum Max reached an all-time high of $0.000000597636 on May 31, 2021, before falling by over 80% in just 11 days. After that, it had a slight rally in mid-June when Kardashian posted a story on her Instagram before falling even lower.
The token has lost over 97% of its price since reaching its high. Now, it even sells for a tiny $0.000000017659.
Riyan Huegerich bought EMAX tokens between May 14 and June 17 and he claims to lead the complainant in a class action.