Tennis News: A lawsuit brought against bitcoin exchange FTX names a number of teams and players as defendants, including the Tampa Bay Buccaneers and Tom Brady.
The complaint also names Steph Curry, Naomi Osaka, Shaquille O’Neil, Udonis Haslem, and the Golden State Warriors in addition to Brady and the Buccaneers.
Additionally named as defendants are baseball players Shohei Ohtani and David Ortiz as well as Jacksonville Jaguars quarterback Trevor Lawrence.
The third-largest cryptocurrency exchange, FTX, filed for bankruptcy on Friday after incurring losses totalling billions of dollars.
The Sam Bankman-Fried-founded business is the subject of an investigation by American law enforcement. Prior to its demise, FTX was renowned for using well-known endorsements to market its goods.
FTX has relationships for naming rights in addition to endorsements. Since June 2021, the Miami Heat’s home arena has been referred to as the FTX Arena, but this week the Heat ended the affiliation.
In a relationship that was established in September 2021, the FTX mark also featured on the side of Mercedes vehicles and items.
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According to the case, which has been filed in Florida, the endorsements gave FTX instant credibility, and those responsible should be held equally responsible as the company’s creator.
In order to raise money and encourage American investors to invest, the FTX Entities used some of the biggest names in sports and entertainment, including these Defendants, according to the lawsuit. These investors poured billions of dollars into the dubious FTX platform in order to keep the entire scheme afloat.
Adam Moskowitz, a class-action lawyer, cited a prior case in which Floyd Mayweather was penalised $767,500 for promoting cryptocurrencies in 2018.
According to Moskowitz, “the cryptocurrency industry needed celebrity endorsers to get any credibility.”
Pierce Robertson, who is also involved in a separate lawsuit against Voyager Digital, another failed cryptocurrency exchange, filed the case.
The owner of the Dallas Mavericks Mark Cuban supported Voyager Digital, but the company filed for bankruptcy protection during the summer and was denied.
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