FTX was founded in 2019. The crypto exchange has seen one of the fastest growths in the industry over the past few years. At its peak, it was among the top companies in the value chain. For many analysts, this breakthrough is the result of a well-constructed marketing strategy. FTX has indeed signed advertising contracts with many superstars in the United States. Two Florida lawyers have just filed a lawsuit against them.
Accused of promoting FTX
In the United States, after the collapse of the FTX crypto exchange, the time seems to be for accountability. In Florida, two lawyers have taken the lead in a movement to identify and prosecute those responsible. They are David Boies and Adam Moskowitz. These have just filed a complaint against public figures who supported FTX. The document alleges that these celebrities promoted unregistered titles.
Here are the celebrities involved in the complaint: Tom Brady, Gisele Bünden, Stephen Curry, Naomi Osaka, Shaquille O’Neal, David Ortiz, Shohei Ohtani, Trevor Lawrence, Udonis Haslem Larry David and Kevin O’Leary. The name of Sam Bankman-Fried, founder and former CEO of FTX was also cited in the complaint. According to information from The Blockthe lawyers initially considered a class action lawsuit with FTX users.
“Bankman-Fried and these celebrities promoted and encouraged others to invest in FTX, a fraudulent system” (…) FTX was designed to take advantage of unsophisticated investors, who use mobile applications to make their investments”, read the complaint document. For this, the accusing party is asking for damages of 11 billion dollars.
For information, Tom Brady and Gisele Bründchen lost several hundred million dollars with the collapse of FTX.
Boies and Moskowitz are waging a similar class action lawsuit against the Dallas Mavericks basketball team and its owner, Mark Cuban. This, for promoting Voyager, a now bankrupt crypto lending company.
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