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KimKardashian is one of three celebrities being sued by investors.
The creators of the currency are among the defendants.
The legal action claims that the celebrities collaborated with the company to promote and sell thecryptocurrencies.
The company said it looked forward to the truth coming out.
The name of the company is not related to thecryptocurrencies.
The class action claims that the company operated a "pump and dump" scheme where misleading marketing is used to inflate the price of an asset then sold to investors at a profit.
The company's executives collaborated with several celebrity promotors to make false or misleading statements to investors about the company, according to the complaint.
It alleges that the defendants overstated the ability of investors to make significant returns and that they artificially increased the price of the currency.
The court filing alleges that the entire business model of the company relies on using constant marketing and promotional activities from "trusted" celebrities to trick potential investors into trusting the financial opportunities.
It claims that former NBA player Mr. Pierce promoted EthereumMax in a "widely discussed" post on the social networking site in May 2021.
The boxing match between Mr and Mr. Floyd was used by the company to promote thecryptocurrencies.
At the conference, Mr. Floyd was said to have promoted EthereumMax.
The complaint states that Kim Kardashian published an post on her social media account saying that it was not financial advice but sharing what her friends tell her.
The head of the UK's Financial Conduct Authority said that MsKardashian had asked her 250 million followers to speculate on the future of her business.
The Kim K post was intended to raise awareness of the project and its utility, and the marketing and public-relations efforts are always from an awareness perspective and not encouraging to purchase, according to the company.
"Our marketing and PR efforts are intended to encourage people to research our project before making a decision," it said.
This approach takes a lot of time, energy, and resources and is in stark contrast to the quick pump-and-dump schemes out there.
The court filing states that the currency increased in value to over 1,300% of its initial price before it plummeted to an all-time low.
Those who invested between May 14 and June 27 were named in the claim.
The claims were denied.
Steve Gentile, who was identified in the filing as the "co-founder/ creator of EthereumMax", told the news organization that the recent allegations were "filled with misinformation" about the project.
We look forward to the truth coming out.
The people asked for comment from MsKardashian, Mr. Floyd and Mr. Pierce.
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Kim Kardashian is a celebrity.
It is a form of money called cryptocurrencies.
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