Tom Brady, Steph Curry, Shaq and More Sued for Defrauding Investors With FTX Endorsement

FTX has been accused of being a Ponzi scheme.

Tech & Gadgets
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A high-profile class action lawsuit has named Tom Brady, Steph Curry, Shaquille O’Neil, Naomi Osaka, Gisele Bündchen, Kevin O’Leary and Larry David in a claim against the now collapsed crypto exchange FTX and its founder Sam Bankman-Fried.

According to Decrypt, the lawsuit has allegedly claimed that FTX is a “fraudulent scheme” that is designed “to take advantage of unsophisticated investors from across the country.” The case arrives just under a week after the crypto exchange filed bankruptcy and was filed by law firms Boies Schiller Flexner and the Moskowitz Law Firm. The case described FTX as a “house of cards” and “a Ponzi scheme” and claims that the FTX “shuffled customer funds between their opaque affiliated entities.” It also alleges that the crypto exchange used funds from its new investors to pay interest to old ones to maintain its liquidity appearance.

The lawsuit calls into question big names like those aforementioned for promotion FTX under false pretenses and “deceptive conduct.” The plaintiffs asserted that due to FTX’s activities with investors’ money, “American consumers collectively sustained over $11 billion in damages.” The lawsuit also points out that ” were geniuses at public relations and marketing, and knew that such a massive Ponzi scheme — larger than the Madoff scheme — could only be successful with the help and promotion of the most famous, respected, and beloved celebrities and influencers in the world.”

It is currently unclear how liable the celebrities are in this case.

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