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Multiple Celebrities Linked to FTX Lawsuit

Tom Brady, Naomi Osaka, Larry David, and others facing scrutiny over promoting the service.

After stepping down as chair of FTX crypto exchange and the company filing for bankruptcy, Sam Bankman-Fried is embroiled in controversy. The collapse of FTX led to significant losses in cryptocurrency values and investors are seeking retribution from Bankman-Fried.

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A class-action lawsuit filed in Florida names Bankman-Fried as the primary defendant. The lawsuit alleges that Bankman-Fried’s promotion of FTX amounted to a ponzi scheme, targeting investors to enrich himself. FTX was accused of exploiting inexperienced investors nationwide using mobile apps for investments.

Aside from Bankman-Fried, several notable celebrities are also named in the lawsuit. Tom Brady, Naomi Osaka, Larry David, Shaquille O’Neal, David Ortiz, Shohei Ohtani, Trevor Lawrence, and Udonis Haslem were all associated with the FTX platform through endorsements on social media or commercial agreements.

The lawsuit seeks $11 billion in damages from FTX platform users, with the allocation between Bankman-Fried and the celebrity endorsers yet to be determined.

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