Home Metaverse A new class-action lawsuit targets YouTube influencers for promoting FTX

A new class-action lawsuit targets YouTube influencers for promoting FTX

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a class action lawsuit “FTX Influencers”, led by Edwin Garrison, has been sued against “FTX Influencers” for facilitating a massive cryptocurrency scam totaling over $1 billion.

In addition to previous celebrities like Shaquille, the lawsuit also involved YouTuber and so-called NFT influencers Kevin Paflas, Graham Stefan, Andrei Zik, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong and Erica Kulberg. , Creators Agency LLC was cited as a respondent. O’Neal and Tom Brady already mentioned.

The lawsuit names eight YouTubers and the founder of a talent management firm and agency responsible for promoting FTX as defendants. According to allegations made in the lawsuit:

“FTX made substantial payments to Defendant to promote its brand and encourage followers to invest, but Defendant failed to disclose the nature and extent of the sponsorship and/or endorsement transactions, payments and rewards, and We also did not conduct proper (if any) due diligence.”

According to the lawsuit, the defendants have been characterized as “influencers,” representing themselves as true consumers and providing true and valuable information to their followers.

Other Celebrities Caught in the FTX Collapse

Meanwhile, despite appearing nightly on TNT’s Inside the NBA, former NBA superstar Shaquille O’Neal was allegedly dodging paperwork to appear before the FTX lawsuit.

“A lot of people think I was involved, but I was just a paid spokesperson for the commercial,” O’Neill said. Said CNBC.

“People know I’m very honest,” O’Neill added. It must have been. But I was just a paid spokesperson. ”

On the other hand, investors, entrepreneurs, shark tank Television host Kevin O’Leary, an FTX supporter and defendant in the lawsuit, revealed on CNBC’s “Squawk Box” that he received $15 million from FTX, but lost it all. That amount included his $9.7 million in his FTX investments, his more than $1 million in FTX stock, and about $4 million in taxes and agency fees, he said O’Leary. is clarifying.

Previously, O’Leary admitted to having a close relationship with FTX founder and former CEO Sam Bankman-Fried.

suit comfort

The plaintiffs in this action are represented by the Moskowitz Law Firm. Seven plaintiffs, from various countries, have been named in the lawsuit and purchased unregistered securities from FTX in the form of Yield Accounts (YBAs).

The lawsuit alleges that the plaintiffs suffered damages because they purchased unregistered securities.The defendants advertised for their own or FTX’s financial gain. We have identified a global and national class of plaintiffs, including thousands, if not millions, of consumers worldwide who have sold or sold.

Meanwhile, Ben Armstrong, aka Bitboy, has said he never promoted FTX and said he plans to file a countersuit on Twitter.

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