After the celebrity currency returned to zero, the celebrity was sued. Is there any precedent for compensation?

On November 13, British citizen Naeem Azad and Romanian citizen Mihai Caluseru filed a lawsuit in the U.S. District Court for the Central District of California, accusing Caitlyn Jenner and her agent Sophia Hutchins of fraudulently soliciting financially immature investors in the U.S. and abroad to purchase unregistered securities. Caitlyn Jenner is a former Olympic champion, but she is better known as the stepfather of the Kardashian family members, including Kim Kardashian, as well as a transgender woman. Her token JENNER was launched on Solana through pump.fun on May 27, and immediately after its launch, it was embroiled in controversy over whether it was a real launch by her, leading to huge price fluctuations (related reading: 160x in 8 hours, is the Kardashian's transgender stepfather launching a token?). After a series of dramatic stories, according to dexscreener data, the market capitalization reached a peak of $40 million. However, as the celebrity token craze gradually subsided, as the lawsuit alleges, "Jenner appears to have completely abandoned the project, no longer actively promoting it, leaving holders with significant losses that are unlikely to be recouped." After rebounding to a market capitalization of $10 million in early June, the price and trading volume of $JENNER have been declining, with a long-term market capitalization of only over $200,000. But after the news of this lawsuit surfaced, $JENNER actually saw a 30% increase due to this "black traffic", and the current market capitalization is around $800,000. These two investors claim to have lost over $56,000 from investing in the JENNER token. In the lawsuit, they mentioned that if it were not for Caitlyn Jenner's public promotion and "false and misleading statements", they would not have made such an investment decision. They also stated that Caitlyn Jenner deliberately failed to register with the SEC, resulting in a lack of sufficient transparent information to assess the investment risk. But is it just Caitlyn Jenner "shilling and abandoning" the project? No. The lawsuit also mentions that Caitlyn Jenner had previously tweeted that she "will not launch another token again", but in the end, she still launched another $JENNER token on Ethereum. Moreover, the $JENNER token on Ethereum has a 3% transaction fee, which Caitlyn Jenner has never disclosed. Currently, the $JENNER token on Ethereum only has a market capitalization of around $100,000, while at its peak, the market capitalization was around $8 million. Of course, not all "celebrity tokens" are "short-lived". Another star project in the "celebrity token" craze half a year ago, rapper Iggy Azalea's $MOTHER, still has a market capitalization of $80 million. Although it is far from the peak market capitalization of $300 million, at least a stable meme has been formed. Looking back on the history of Crypto, "celebrity tokens" are mostly examples of celebrities treating crypto players as ATMs. Another member of the Kardashian family, Kim Kardashian, was once charged by the SEC for promoting $EMAX without disclosing her promotional compensation, and Kim Kardashian eventually paid a $1.26 million fine and agreed not to promote any cryptocurrencies for 3 years. NBA star "Shaquille O'Neal" was also sued for promoting the NFT project "Astrals" on Solana, and he had said in Discord after the FTX collapse that "he won't leave", but since then he hasn't said a word in Discord. In the cruel crypto market, the only thing we can believe in is ourselves. Welcome to join the official BlockBeats community: Telegram subscription group: https://t.me/theblockbeats Telegram discussion group: https://t.me/BlockBeats_App Twitter official account: https://twitter.com/BlockBeatsAsia