Kim K's lawyers added that the plaintiffs cannot prove that she was actually compensated in EMAX tokens, or whether she had bought or sold this cryptocurrency at the time.
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Kim Kardashian is fighting back after being accused of misleading customers in Instagram posts about Ethereum Max.
The influencer and reality TV star is calling on a court in California to dismiss a lawsuit that's been brought by EMAX investors.
It's been alleged that Kim K's promotion of Ethereum Max was part of a scheme to artificially increase the token's price, but her lawyers said:
"Crucially, no named plaintiff alleges that they in fact viewed either Instagram post before purchasing tokens during the relevant time period."
The case against Kardashian centers on two Instagram posts. One of them is clearly marked as an ad, with a disclaimer to warn that it should not be treated as investment advice. To give you a flavor of the content, one of the posts said:
"Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max token! A few minutes ago Ethereum Max burned 400 trillion tokens — literally 50% of their admin wallet — giving back to the entire E-Max community."
Kim K's lawyers added that the plaintiffs cannot prove that she was actually compensated in EMAX tokens, or whether she had bought or sold this cryptocurrency at the time.
Remarks by the head of the U.K.'s Financial Conduct Authority have provided ammo for the plaintiffs in the proposed class action complaint.
Given how the influencer has more than 250 million followers on Instagram, FCA chairman Charles Randell said her post "may have been the financial promotion with the single biggest audience reach in history." At the time, he added:
"Of course, I can't say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all."
Ethereum Max has fallen by 99.47% since hitting an all-time high of $0.00000092 in May 2021. Crucially, it's not to be confused with Ether, the world's second-largest cryptocurrency.
The boxer Floyd Mayweather, as well as the basketball player and pundit Paul Pierce, have also been named in the lawsuit.
