Class action lawsuit filed against FTX

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Updated November 17, 2022 | Published November 17, 2022

2 mins read

Celebrities and athletes who endorsed FTX have been named in a new class-action lawsuit.

The collapse of FTX is worsening as the cryptocurrency exchange’s former CEO Sam Bankman-Fried has been served with a class-action lawsuit.

As well as Bankman-Fried being named as a defendant, celebrities that directly or indirectly showed endorsement for the project have too. Among those are Gisele Bündchen, Shaquille O’Neal, Larry David and Naomi Osaka.

The class action has been filed with a court in Florida by attorney Adam Moskowitz and is among the latest attempts to hold to account popular personalities who endorsed cryptocurrency projects that went sour.

Previously, Floyd Mayweather Jr. and Kim Kardashian faced similar legal challenges but managed to win.

However, the claim against FTX argues that the people involved either controlled, assisted in, actively participated in FTX Trading, or promoted it.

Tom Brady was also named, along with Kevin O’Leary, David Ortiz, Shohei Ohtani, and others.

The claim outright called the cryptocurrency exchange a ponzi scheme and a house of cards scam, referring to the fact that FTX had used consumer funds to back Bankman-Fried’s crypto trading company.

There has been a huge withdrawal of support in the wake of FTX’s collapse. Brady went through his Twitter meticulously and began deleting any past tweets about his chummy relationships with Bankman-Fried.

FTX spent a lot of money to build up a solid presence. It bought the naming rights for Team SoloMid, which rebranded as FTX TSM, although the esports powerhouse has since suspended its partnership with the crypto giant.

FTX also holds the naming rights to the Miami Heat basketball team arena, renaming it as FTX Arena.

All partners have said that FTX’s behavior and downfall was extremely disappointing. The lawsuit is likely to have more success than the one against Kardashian and Mayweather Jr. because of the seriousness of recent events.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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