Kim Kardashian, Floyd Mayweather Beat Investor Suit Over Cypto Promotions
The ruling spells trouble for other suits against endorsers of crypto platforms. In November, FTX investors sued a host of celebrities, including Larry David, Tom Brady and Stephen Curry, in a proposed class action for promoting what they called a “Ponzi scheme” that fraudulently shuffled customer funds between its affiliated entities.
The investors claimed that the defendants shared a common goal to inflate the price and trading volume of EMAX tokens in order to sell their stakes for substantial profit. And even if some promoters were paid in EMAX token, like Pierce, Fitzgerald concluded that the investors failed to explain how they acted to advance the alleged conspiracy. The celebrities endorsed EMAX for their “individual benefit,” he said.
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