Technology,
Civil Litigation,
Banking
Nov. 8, 2022
Judge skeptical of suit against celebrities over crypto promotion
U.S. District Judge Michael W. Fitzgerald expressed doubt about the merits of consolidated class complaint alleging Steve Gentile, the co-founder and co-creator of cryptocurrency EthereumMax, worked with Floyd Mayweather Jr. and Kim Kardashian to misleadingly promote also known as EMAX Tokens.
Celebrity defendants including Floyd Mayweather Jr. and Kim Kardashian knowingly participated in a “pump and dump” scheme to misleadingly promote cryptocurrency tokens to their fans, according to counsel for a class of plaintiffs who say they were fooled.
In a Monday hearing on the defendants’ motion to dismiss the case, however, a U.S. District Judge Michael W. Fitzgerald expressed doubt about the case’s merits.
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