Bankman-Fried to help FTX investors take celebrity promoters to court

A man with nothing to lose, Bankman-Fried has agreed to help former FTX investors take celebrity promotes to court

Celebrity promoters came under fire in the immediate wake of FTX’s implosion, with investors decrying famous people’s complacency in promoting what turned out to be one of the biggest scams in modern crypto history.

Although FTX operated as a genuine company at first, the antics of its boss, Sam Bankman-Fried, who is now serving a 25 year prison sentence, has landed it in calamity. Bankman-Fried, however, will now help disgruntled investors in their fight against celebrities who promoted the platform and pushed its products onto unwitting consumers.

Bankman-Fried has already entered into an agreement with investors, who have agreed to drop charges against him personally. In exchange, the disgraced CEO will share various important documents with investors that could help them better argue their case that celebrities were indeed misleading them.

This has been ongoing for a while now, as even prior to Bankman-Fried’s sentencing, a number of celebrities, among whom are Tom Brady, Gisele Bündchen, and Shaquille O’Neal, have come under fire by investors who felt wronged by them.  All three have been named in a lawsuit filed in Miami in November 2022, only days after FTX formally declared its bankruptcy. Tom Brady actually lost $48 million worth of investment in FTX himself.

However, most of these celebrity-bashing cases have not done well in court and have not actually hit their intended mark. A suite against Kim Kardashian has failed on two occasions, for example.

The fact that Bankman-Fried would now be backing the investors in their fight, at least by providing the requested documents and information, may give their claim new teeth with which to show that celebrity promoters were indeed accountable for perpetuating FTX’s mission which ultimately turned out to be fraudulent.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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