Published November 16, 2022
By Karl Rasmussen · 2 min read
A slew of high-profile athletes and celebrities, including Tom Brady and Steph Curry, were named in a class-action lawsuit in the aftermath of the collapse of the cryptocurrency exchange platform FTX. A class action lawsuit was filed in Florida this week and is seeking damages from various stars who promoted the now-bankrupt platform, according to TMZ.
Among those included in the lawsuit are Curry, Brady and ex-wife Gisele Bundchen, Shaquille O’Neal, David Ortiz, Trevor Lawrence, Shohei Ohtani, Larry David, and Kevin O’Leary.
The lawsuit alleges that FTX, which was started by Sam Bankman-Fried, was a fraudulent cryptocurrency scheme “designed to take advantage of unsophisticated investors across the country.” The lawsuit alleges that the athletes, including Brady and Curry, helped Bankman-Fried facilitate the scheme and defraud its investors.
The platform which was valued at $32 billion earlier this year filed for bankruptcy in November in a shocking turn of events. And now investors are seeking damages.
The class action lawsuit mentions an FTX advertisement featuring Brady and Gisele, in which they promoted the platform. In the commercial, Brady and Gisele join FTX and quite literally convince their friends, and just about everyone they know, to sign up, too.
Steph Curry shot a commercial for FTX in which he played up the hashtag #NotAnExpert, indicating that consumers didn’t need to be experienced in order to use the platform.
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Renowned actor Larry David was also named in the lawsuit, which cites his commercial for FTX in which he expresses skepticism over cryptocurrencies. The commercial advises its audience to not “be like Larry” and start trading on FTX.
TMZ indicates the lawsuit claims that the collapse of FTX resulted in more than $11 billion in losses for its consumers.
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