• Celebrities and investors have distanced themselves from FTX due to the crypto exchange collapse.
• Famous endorsers such as Shaquille O’Neal, Tom Brady, David Ortiz, Stephen Curry, and Gisele Bundchen were named in a class action lawsuit.
• The lawsuit claims that FTX was a “house of cards” designed to trick its users and made false claims about the safety of its cryptocurrency assets.
The past months have seen an increasing amount of attention on FTX, a cryptocurrency exchange founded by Sam Bankman-Fried. With the impending trial date, many investors, celebrities, and users have begun to distance themselves from the exchange. After a series of unfortunate events, many of those associated with the platform have been quick to sever any ties with FTX, erasing any evidence of their involvement.
FTX was once a highly popular and well-known exchange platform. Capitalizing on the surge of interest in cryptocurrencies, the platform’s founder, Sam Bankman-Fried, was able to build an impressive $32 billion fortune. To further promote the platform, Bankman-Fried employed a network of celebrity endorsements, from sports stars such as Shaquille O’Neal, Tom Brady, David Ortiz, Stephen Curry, and Gisele Bundchen.
Unfortunately, this did not end well for Bankman-Fried or the celebrities associated with the platform. After the collapse of the crypto exchange, a class action attorney, Adam Moskowitz, filed a lawsuit against the aforementioned celebrities, accusing them of using deceptive practices to sell their FTX yield-bearing accounts. The lawsuit claims that FTX was a “house of cards” designed to trick its users and made false claims about the safety of its cryptocurrency assets.
This lawsuit has resulted in many investors, celebrities, and users distancing themselves from FTX, in an attempt to avoid any further association with the platform. Celebrities who once promoted the platform have been left in a difficult position due to the lawsuit, with many of them cutting the once-chummy ties with the exchange and erasing evidence of their deals.
Overall, FTX’s collapse has been a difficult experience for everyone associated with the platform. With the trial date soon approaching, it is clear that many investors, celebrities, and users are keen to distance themselves from Bankman-Fried’s exchange and its associated risks.