FTX’s cataclysmic collapse has affected a lot of A-listers from Tom Brady and Gisele Bündchen to Larry David. Now the entire Golden State Warriors are getting sued.
Elliott Lam, a Canadian citizen who resides in Hong Kong, lost $750,000 that he had invested in the floundering crypto exchange. He wants to do something about it and filed a class action suit in San Francisco.
The Warriors named FTX their official cryptocurrency platform back in December 2021. At the time, it was heralded as a first-of-its-kind partnership. Now, in light of FTX’s complete collapse, they probably wish it wasn’t.
Lam’s suit also names FTX’s embattled founder Sam Bankman-Fried and Caroline Ellison who was in charge of overseeing Bankman-Fried’s trading firm Alameda Research.
The class-action suit alleges that the Warriors promoted FTX as a “viable and safe way to invest in crypto.” As we now know, it wasn’t.
At least not long-term.
If this was the only FTX-related class-action suit the Warriors were facing that would be annoying enough, but it isn’t.
The team is also named in another class-action suit. this one was filed in Miami. That one also names Steph Curry, Shaq, Trevor Lawrence, and Shohei Ohtani as defendants.
The Warriors announced the end of their partnership with FTX last week.
The Miami Heat also had ties with FTX but announced earlier this month that the crypto exchange’s name would be removed from their arena.
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