The lawsuit includes celebrity FTX Investors like Tom Brady, Stephen Curry, and shark tank personality Kevin O’Leary. The class-action lawsuit claims that American consumers collectively sustained over $11 billion in damages.
A class-action complaint was filed on November 15 in Miami and names former FTX CEO Sam “SBF” Bankman-Fried as well as a number of famous people who supported the company. Tom Brady, Gisele Bundchen, Steph Curry, the Golden State Warriors, Shaquille O’Neal, Udonis Haslem, Larry David, and all other parties who “controlled, promoted, assisted in, and actively participated in” FTX Trading LTD and West Realm Shires Services Inc. are named as defendants in the class-action lawsuit.
According to the filed court documents, Edwin Garrison, the plaintiff, purchased and funded his account with a sufficient amount of crypto assets to earn interest on his holdings but sustained damages in the wake of the collapse of FTX.
According to the lawsuit, FTX allegedly made an effort to delete embarrassing emails, messages, and other records of its illegal behavior. The retrieved data, however, points to the notion that FTX’s fraudulent operation was meant to take advantage of uninformed consumers from throughout the country who employ mobile apps to make their bets.
According to the lawsuit, American consumers collectively endured more than $11 billion in damages.
Crypto Twitter Community Reacts
Many people have demanded that the former CEO face legal repercussions since FTX’s demise. In order to potentially extradite SBF to the United States for interrogation, as Cointelegraph reported, officials there have apparently started coordinating with law enforcement in the Bahamas. The controversy over whether or not the celebrities who supported FTX should be held liable for investors’ losses has been stirred by the revelation.
While a portion of the community believes that investors should have personal responsibility, the other side blames the greed of celebs. The decision now lies with the District Court of Miami. Overall, this lawsuit will make endorsers give more thought before finalizing a deal with brands.
