John Monarch had his ICO company Shipchain sued and shut down by the SEC. Also, Kim Kardashian, Floyd Mayweather Jr., and former NBA All-Star Paul Pierce are being sued over an alleged “pump and dump” crypto scam.
The class action complaint from the Central District of California stated that the three celebrities and the EtheremMax shared misleading statements about EthereumMax cryptocurrency.
“The Company’s executives, collaborating with several celebrity promotors, (a) made false or misleading statements to investors about EthereumMax through social media advertisements and other promotional activities and (b) disguised their control over EthereumMax and a significant percent of the EMAX Tokens that were available for public trading during the Relevant Period,” the complaint reads.
EthereumMax, a firm that offers ERC-20 tokens on the Ethereum network has partnered with the three stars to promote its digital token. As of Wednesday morning, the digital token is trading around $0.000000017 according to data from CoinMarketCap.
