SBF, Steph Curry & Other Celebrities Sued for Endorsing FTX

SBF, Steph Curry & Other Celebrities Sued for Endorsing FTX.

Investors have filed a class action lawsuit against FTX, its founder Sam Bankman-Fried, and several celebrities for their role in the collapse of the crypto exchange.

Causing US consumers to loss over $11 Billion

A lawsuit filed in Florida by attorneys David Boies and Adam Moskowitz names Tom Brady, Gisele Bundchen, Steph Curry, and Larry David among the stars who are named in the suit.

Sam Bankman-Fried, who founded crypto giant FTX, along with the celebrities he recruited as endorsers, are charged with around $11 billion in losses for American consumers, according to the lawsuit.

Some of the stars appeared in prime-time commercials, while others were ambassadors for the trading platform.

Read More: SBF: FTX US Had Enough Funds To Repay All Customers 

A 41-page court document claimed celebrities were involved in FTX’s operations, allegedly violating Florida law, “controlling, promoting, helping, and actively participating in” them.

“The Deceptive and failed FTX Platform was based upon false representations and deceptive conduct,” cited the suit.

According to plaintiffs’ court filings, “American consumers collectively sustained over $11 billion in damages” due to FTX fraudulent activities.

The FTX Ads Starred the Alleged Celebrities

A campaign featuring Brady and his ex-wife Bundchen and their $20-million ad campaign was launched in 2021, and they starred in a commercial showing them urging acquaintances to join FTX.

Basketball player Curry appears in an ad campaign stating he doesn’t need to be a cryptocurrency expert because FTX gives me everything “I need to buy, sell, and trade crypto safely”

Read More: Australia Financial Regulator Suspend FTX License until May Next Year

As another celebrity, David appeared in a Super Bowl commercial for FTX in which he played clueless characters who rejected brilliant ideas throughout history, such as the toilet and the light bulb. David rejects FTX and a message appears before the end of the ad: “Don’t be like Larry.

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Jamilatul Mahmudah

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