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Stephen Curry, Warriors among those sued over FTX collapse
In an ad for FTX , Steph Curry claimed he was not a crypto expert. Will that defense hold up in court?
Investors have filed an $11 billion lawsuit against FTX and former CEO Sam Bankman-Fried, alleging they deceived “unsophisticated investors.”
The lawsuit names celebrities that promoted FTX, including:
▪️ Tom Brady
▪️ Naomi Osaka
▪️ Larry David
▪️ Shaq
▪️ Golden State Warriors pic.twitter.com/bg9oGB2lsC— Front Office Sports (@FOS) November 16, 2022
The cryptocurrency exchange FTX filed for Chapter 11 bankruptcy last week after allegations of mishandling billions in investors’ funds. Now one of the investors, Edwin Garrison, has filed a proposed class-action lawsuit on behalf of all of FTX’s customers. The bankruptcy filing indicates there are more than 100,000 of them, and along with FTX and its founder, Sam Bankman-Fried, the suit also names players like Curry, one of FTX’s “ambassadors.”
The list of ambassadors includes Tom Brady, his estranged wife Gisele Bundchen, Shaquille O’Neal, tennis champ Naomi Osaka, the Angels’ Shohei Ohtani, David “Big Papi” Ortiz, Jaguars QB Trevor Lawrence and the Heat’s Udonis Haslem. According to the lawsuit, FTX used “some of the biggest names in sports and entertainment —like these Defendants — to raise funds and drive American consumers to invest.” The purpose was “to facilitate the sales of (FTX accounts) to unsuspecting and unwitting retail consumers.”
Apart from the individual ambassadors, the suit also names the Golden State Warriors as a defendant. The Warriors signed an eight-figure deal making FTX their “official cryptocurrency platform” and sold NFTs on the exchange. Unsurprisingly, the team has paused all FTX promotions and removed its logos and advertisements from the Chase Center.
As if the Warriors and Curry didn’t have enough problems with their 6-9 start, now they’re in legal trouble as well. Let’s hope that their defense in a court of law is better than their defense on the basketball court.
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