Surely, things couldn’t get any worse for FTX, the cryptocurrency exchange that has undergone a cataclysmic collapse in just a few weeks.
Wrong, they definitely can. A group of angry investors has filed a class-action suit against the bankrupt company, as well as its roster of celebrity ambassadors.
Perhaps the most high-profile names FTX worked with are Tom Brady and Gisele Bündchen. The recently divorced duo were not just investors, but also served as FTX ambassadors.
The suit alleges that FTX used celebrities “to continue funneling investors into the FTX Ponzi scheme, and to promote and substantially assist in the sale of the (accounts), which are unregistered securities.”
And funnel they did… at least until the whole company went under in a matter of days. The only thing left in its wake is a lot of people who start seething at the mention of the letters “F,” “T,” and “X.”
Many Other Big Stars Appear In The Class-Action Suit
There were a lot of other major names named in the suit. They include Jaguars QB Trevor Lawrence, Los Angeles Angeles pitcher/slugger Shohei Ohtani, Shaq, Steph Curry, and even Larry David.
The Curb Your Enthusiasm star also starred in the company’s Super Bowl commercial from earlier this year.
Obviously, those people and more were being paid to promote FTX. However, the suit claims they “have never disclosed the nature, scope, and amount of compensation” they got to shill for the now bankrupt company.
The celebrities are also accused of not doing “any due diligence prior to marketing these FTX products to the public.”
The suit was filed in Miami by attorneys David Boies and Adam Moskowitz and also names FTX founder Sam Bankman-Fried.
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