A group of YouTube personalities have now been targeted by the class-action lawsuit launched against FTX investors and supporters.
They are accused of promoting FTX and helping to popularize the exchange by convincing retail consumers to invest in the now-bankrupted venture.
The $1bn lawsuit seeks damages from those responsible for promoting the platform and most recently, that includes BitBoy Crypto creator Ben Armstrong and YouTube creator Graham Stephan along with seven other talents from Creators Agency, a talent management firm.
While the two people have been named in the lawsuit, they have never been knowingly affiliated with the exchange or received any money to promote it.
Commenting for Decrypto, Armstrong said that he never acted as a marketing agent for the company. “So the allegations against me are 100% false and it will be extremely easy to provide evidence of this”, he assured the publication.
The lawsuit seeks to prove that a growing list of individuals were knowingly promoting the exchange which was in truth a fraudulent scheme. Plaintiffs allege they “misrepresented” the platform.
The lawsuit also contends that YouTube was used as a platform to significantly increase the reach and popularity of FTX.
While Armstrong has held his ground, many YouTube content creators were quick to remove content in which they previously promoted or endorsed FTX. Those videos have been replaced with an apology video instead.
FTX was thought to be a saving grace for the crypto industry, and a company that proved that the crypto industry can work and function better than mainstream finance.
That was until it transpired that Sam Bankman-Fried, its former boss, ran it like a “fiefdom” and misused billions worth of customer money.
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