On May 8, a federal judge in the Southern District of Florida dismissed most of the lawsuits against celebrities such as Tom Brady, Gisele Bündchen, Kevin O’Leary, and Stephen Curry. The allegations revolve around the improper promotion of the now-bankrupt FTX exchange. The judge stated that the group of FTX investors could not prove that these celebrities were aware of FTX's fraudulent conduct and CEO Sam Bankman-Fried.
The collapse of FTX in November 2022 caused billions of USD in losses for customers and triggered global regulatory investigations. The main dispute is that the celebrities received millions of USD in promotional fees without disclosing their economic interests, potentially violating federal and state advertising laws.
Although the court stated that there was insufficient evidence for legal charges, some claims under state law may still proceed. This content is intended to provide market information and does not constitute investment advice.
Source: https://tintucbitcoin.com/celebrities-escape-responsibility-in-ftx-lawsuit/
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