A class-action lawsuit filed in Florida alleges that FTX used high-profile athletes' endorsements as part of a scheme designed to take advantage of “unsophisticated investors.”
The FTX logo is seen on a computer screen. Binance, the world’s largest cryptocurrency firm, agreed to acquire FTX, another large cryptocurrency exchange, in a rushed sale in order to prevent a liquidity crisis, which is known as the"Lehman Moment" in the crypto industry.Texas is investigating celebrities who had endorsed FTX, the now-bankrupt cryptocurrency firm, for potentially violating state securities laws.
It also comes amid a class-action lawsuit filed in Florida against Curry, Brady and other celebrities — mostly high-profile athletes — which alleges that FTX used their endorsements as part of a scheme designed to take advantage of “unsophisticated investors.” It also names FTX’s former CEO Sam Bankman-Fried.
“It’s important from a securities regulation standpoint, and from a bankruptcy standpoint, to determine the ways FTX was encouraging clients and Texans to use FTX and invest with FTX,” he said.
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