Federal judge dismisses crypto scam lawsuit against Kim Kardashian, Floyd Mayweather Jr.

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Federal judge dismisses crypto scam lawsuit against Kim Kardashian, Floyd Mayweather Jr. - CNBC

Quick Summary:

The dismissal comes after Kim Kardashian paid over $1 million in October to settle with the SEC over her promotion of EthereumMax.

Investors who bought EMAX tokens alleged they had suffered losses after taking the word of the celebrity influencers about the value of the crypto.

The judge found that the plaintiffs' allegations were insufficiently backed, especially "given the heightened pleading standards" for fraud claims, according to his ruling in U.S.