EthereumMax Investors Don Win State Lawsuit About Pump and Dump
California federal judge Michael Fitzgerald don grant partial class-action status to EthereumMax investors, e make dem fit pursue state-level suits for New York, California, Florida, and New Jersey but e still block nationwide claim. Plaintiffs talk say EthereumMax promoters—like Kim Kardashian, Floyd Mayweather and Paul Pierce—pump and dump the EMAX token during their 2021 launch, dem make prices jump over 116,000% before e crash. The defendants include EMAX Holdings, co-founder Giovanni Perone and spokesperson Jona Rechnitz. This case come after e first dismissal for December 2022 and dem refile am for mid-2023. This go show say regulators dey watch well-well for celebrity crypto endorsements. Traders suppose sabi the risk wey dey inside celebrity-backed pump and dump schemes and make dem do proper check before them invest.
Bearish
EthereumMax dey face wahala for im reputeshun because part beleve for class-action case don pass and regulatory watchdog dem don intensify. Legal gbege dem and talk say celebrity dey push pump and dump scheme fit scatter trader dem confidence. For short time, dis tori fit make people sell as dem dey rethink risk dem. For long term, ongoing case fit stop people wey dey speculate from putting money and e fit hold price from going up again. History show say big law matter usually dey make price weak steady, so dis one mean market go bearish for EthereumMax.