Kim Kardashian, Floyd Mayweather and several other celebrities are trying to persuade a court to reject a further effort to hold them accountable for allegedly promoting EthereumMax (EMAX) without providing proper information.

A second amended case from EthereumMax investors was filed in December 2022, with the celebrities urging a California federal court to dismiss the suit as frivolous. The defendants assert that the newly raised claims advance the “same fundamental notion” that the court had previously rejected.

The investor class action lawsuit is based on the idea that the EthereumMax team collaborated with celebrities to participate in a scam they refer to as a “pump and dump” scheme when it comes to the sale of EMAX tokens. to investors

However, the defendant’s motion to dismiss the renewed lawsuit argues that the theory revolving around celebrities advertising EMAX tokens to artificially increase their price has already been rejected by the court due to the fact that the tokens have no further value. than the market. willing to pay. The court stated that the theory was rejected because the tokens have no value other than what the market is willing to pay for. They wrote the following in their document: “Otherwise, the Court rejected the above complaint in its entirety due to basic deficiencies.” The remedy cannot be found in the inclusion of additional claims, defendants, or more than a hundred pages of accusations that are mostly unrelated to the situation.

Furthermore, the motion suggests that the current belief of investors is that they retained ownership of EMAX due to misrepresentations made by celebrities. On the other hand, investors “did not suffer any harm simply by holding the tokens,” according to the argument behind the decision to dismiss the case.

While this is going on, Kardashian has already been penalized once for promoting EthereumMax on her various social media platforms. After not disclosing that he received a payment of $250,000 to promote the cryptocurrency project, the United States Securities and Exchange Commission (SEC) and the American socialite reached a settlement agreement on October 3, 2022 for a value of $1.26 million. The agreement was reached on October 3.

The Securities and Exchange Commission (SEC) has just issued a warning to celebrities who defend cryptocurrencies. By encouraging investment in stocks, celebrities are required by law to disclose how much money they are paid and who it comes from, the Securities and Exchange Commission noted on February 17.