Summary
- It was reported that EthereumMax (EMAX) investors can now file lawsuits against celebrities who promoted EMAX in four US states.
- The court stated that the request for a nationwide class-action lawsuit against EMAX promoters was dismissed.
- EMAX soared by over 116,000% in one week and then crashed, with investors alleging it was a pump-and-dump scam.
On the 8th (local time), virtual asset (cryptocurrency) media outlet Cointelegraph reported that, as EthereumMax (EMAX) investors achieved a partial victory, the likelihood increased that they could file lawsuits against celebrities who promoted EMAX. The United States District Court for the Central District of California ruled that class-action lawsuits may proceed in four US states, but dismissed a nationwide class-action request against the EMAX promoters. Kim Kardashian, Floyd Mayweather Jr., and Paul Pierce are known to have promoted EMAX in the past. EMAX's price skyrocketed by over 116,000% in a week and then crashed, with investors claiming this constituted a pump-and-dump (price manipulation) scam.
JH Kim
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