Class Action Filed Against Sam Bankman-Fried and Famous Supporters of FTX!

Cryptocurrency Sam Bankman-Fried, the disgraced founder of the stock exchange FTX, and its famous backers have been sued by investors.

A class action lawsuit alleges these individuals are marketing unregistered securities and are accused of violating the Florida Securities and Investor Protection Act and the Deceptive and Unfair Business Practices Act.

Celebrities Who Played In Ads Alongside FTX Founder SBF Are Also Charged In The Case

The lawsuit, filed in U.S. District Court in Miami late Tuesday, includes names like Tom Brady, Gisele Bündchen, Stephen Curry and Larry David. All of these names appeared in the advertisements of the crypto exchange in question.

FTX filed for bankruptcy last week after failing to raise cash to solve its liquidity problems, leaving many investors in a difficult position.

The lawsuit was filed in Florida, where FTX has offices. The company is headquartered in the Bahamas.

Bush v. David Boies, who represented Al Gore in the Gore case, is among the recommended attorneys for the plaintiffs. Boies had previously represented the company in Theranos’ legal battles.

Adam Moskowitz, another attorney recommended for the plaintiffs, stated in his filing that he had “never seen so many powerful and influential celebrities, respected by all and considered role models, advertise so forcefully and persuasively.”

Moskowitz also said that social media channels are also used in a way that has never been seen before, and in addition, ordinary customers are targeted.

*Not investment advice.