Did celebrity status make FTX culpable?

NEW YORK (AP) — A host of Hollywood and sports celebrities including Larry David and Tom Brady were named as defendants in a class-action lawsuit against cryptocurrency exchange FTX, arguing that their celebrity status made them culpable for promoting the firm’s failed business model.

Who is associated with FTX?

FTX’s user funds also got locked, which also brought regulatory attention to the situation and also to the industry. Besides Tom Brady, American basketball player Steph Curry and Japanese tennis player Naomi Osaka are also associated with FTX. The Major League Baseball and Formula 1 teams have also collaborated with the crypto exchange.

Did Celebrities endorse FTX?

Celebrity endorsers were involved in a Super Bowl advertisement for FTX, as a way to utilize “some of the biggest names in sports and entertainment … pouring billions of dollars into the Deceptive FTX Platform to keep the whole scheme afloat,” the lawsuit states.

Why is FTX a popular cryptocurrency exchange?

The FTX exchange is one of the most well-known crypto exchanges, even to people outside the cryptocurrency sphere, because of its connections to many famous figures who have promoted the site. What is the FTX Crypto crash? FTX Crypto used to be the second-biggest crypto exchange in the world.