Tampa Bay Buccaneers quarterback Tom Brady and a number of other well-known sports celebrities, including Stephen Curry and Naomi Osaka, were named defendants in the case. cryptocurrency class action lawsuit filed in Florida on Tuesday.
A class action lawsuit has been filed against FTX founder Sam Bankman-Fried and a number of celebrities who have supported cryptocurrency trading company FTX. In addition to Brady, Curry and Osaka, the defendants include Shaquille O’Neal, David Ortiz, Shohei Otani, Trevor Lawrence and Udonis Haslem. The lawsuit also includes Brady’s ex-wife and supermodel Gisele Bündchen, comedian Larry David and Kevin O’Leary of Shark Tank fame, and the Golden State Warriors, a prominent FTX partner.
The lawsuit alleges that Bankman-Fried and these celebrities promoted and encouraged others to invest in FTX, which the lawsuit describes as a “scam”. The lawsuit alleges that FTX was “designed to take advantage of inexperienced investors across the country who use mobile apps for their investments.”
FTX filed for bankruptcy, and Bankman-Fried stepped down as the company’s CEO on November 11. The day before FTX filed for bankruptcy, Bankman-Fried sent out several tweets on Twitter. It all started when Bankman-Fride apologized and said, “I screwed up and should have done better.” He also called himself a “bad developer”.
The lawsuit seeks $11 billion in damages.
Tom Brady Appears in FTX Commercial with Gisele Bündchen
Brady and all the other celebrities named in the lawsuit have been sued for promoting FTX. Every celebrity mentioned has appeared in one FTX advert or another. Larry David’s ad on FTX was shown during the Super Bowl.
Brady and Bundchen filmed an advertisement together in which they try to hire people to work for the company.
The lawsuit was filed on Tuesday, so it will be some time before it is determined whether FTX owes consumers $11 billion or more. It’s also unclear how much damages Brady and other celebrities will pay consumers.
There is a chance that this number will be zero. Even so, the failure of FTX is yet another example that fans shouldn’t take financial advice from NFL stars.