The Golden State Warriors named FTX as an “official cryptocurrency platform” last December.
One former FTX customer is now suing the organization in California after FTX’s collapse.
Elliott Lam accuses the Warriors of falsely promoting FTX as a “viable and safe way to invest in crypto.”
An FTX customer who says he lost $750,000 after the crypto exchange went bankrupt has filed a lawsuit against the NBA’s Golden State Warriors accusing the team of fraudulently promoting the firm.
Elliott Lam, a Canadian who lives in Hong Kong, filed the proposed class-action lawsuit in San Francisco against Sam Bankman-Fried, Caroline Ellison, and the reigning NBA champions.
The lawsuit, which Insider has seen, seeks $5 million in damages for non-US customers, adding that “thousands, if not millions, of consumers internationally” have been impacted by the collapse of FTX, which the suit claims perpetrated “fraud and deceit at a scale rarely seen.
Reuters first reported the lawsuit Monday.
The Warriors are also defending a lawsuit in Miami, filed by American FTX customers.
FTX filed for bankruptcy on November 11, having previously been worth $32 billion. Its court filings show that the company has up to one million creditors, and a lack of oversight to the extent that it didn’t have an accounting department.
Lam’s lawsuit says the defendants falsely represented FTX as a “viable and safe way to invest in crypto.”
It also alleges that the company sold unregistered securities through yield-bearing accounts, which gave interest on cryptocurrencies.
The lawsuit alleges that FTX used “A-list celebrities and mass branding campaigns” in order to “drive unwitting investors and consumers into a Ponzi-like scheme.”
The Warriors were instrumental in this, it adds, because as a successful NBA team it has “unprecedented reach internationally” and exposed FTX’s marketing to “millions of consumers.”
The suit accuses the Warriors of violations of California’s false advertising and unfair competition laws.
When contacted by Insider, the Warriors declined to comment, saying: “Per organizational policy, we do not comment on ongoing legal matters.”
The Warriors named FTX its “official cryptocurrency platform and NFT marketplace” last December, in a first-of-its-kind partnership which also saw FTX’s logo printed on the Warriors’ home court. CNBC reported that this deal was worth $10 million, before the Warriors put it on pause last week.
In the announcement, FTX’s US president, Brett Harrison, said that its NFT platform “will provide a leading, safe and secure venue for the Warriors international fan base to access exclusive collectibles from the franchise.”
The team’s star point guard Stephen Curry – as well as other celebrities – are also under fire for endorsing the company, and join the Warriors as defendants in the Miami lawsuit.
Read the original article on Business Insider
Yahoo Finance Live anchors discuss how the FTX collapse continues to apply pressure to global crypto markets.
Ice Cube confirmed on a new episode of the “Million Dollaz Worth of Game” podcast that he lost a $9 million acting role because of his refusal to get the COVID vaccine shot. Reports surfaced in Oct. 2021 that Cube was dropped from Sony’s comedy “Oh Hell No,” directed by “Bad Trip” filmmaker Kitao Sakurai […]
“But then I had this thought: Maybe I can get him off of Kim’s case. Maybe I can distract him, like, just get him to like me.”View Entire Post ›
"A lot of people just can't take accountability. He threw it all away being arrogant and cocky, so now he wants to throw everybody else's business dealings under the bus?"
TikTokers are in disbelief after hearing this story.
In a recent interview with the Financial Times, Coinbase (NASDAQ: COIN) founder and CEO Brian Armstrong revealed one of the reasons for his company's contentious exit from San Francisco. Armstrong pointed to a “techlash” he said was ruining San Francisco, where people creating growth were vilified, according to a paraphrase of his words by the FT. While Armstrong moved to L.A. personally, his company went "remote-first" last year and eliminated its former S.F. headquarters office entirely.
James Cameron says he dismissed Leonardo DiCaprio after the actor initially refused to read for the part of Jack, assuming a meeting would suffice to be cast
It has nothing to do with actual soccer.
The 2022 World Cup host nation, Qatar, stunned World Cup sponsor Budweiser with its last-second ban of alcohol sales at stadiums during soccer’s big, quadrennial spectacle. Budweiser now says it will take some of the beer it originally planned to sell during the tournament and give it to the country whose team lifts the World Cup on Dec. 18. The beer giant had previously alluded to its World Cup surplus in a tweet.
Mexican officials say an American citizen is believed to be hiding in San Diego, California, after killing multiple sex workers across the border in Tijuana.
The NBA Hall of Famer said he was too outspoken in sharing his opinions about Jordan, his former best friend
Japanese football fans are going viral for staying behind to clean up after the opening game between Qatar and Ecuador at the 2022 FIFA World Cup on Monday. Bahraini YouTuber Omar Al-Farooq highlighted the inspiring moment in his video shared on Twitter and Instagram. In the clip, which has been viewed on Twitter over 2.5 million times, Japanese fans can be seen picking up trash left in the stands by the World Cup crowd at the Al Bayt Stadium in Al Khor, Qatar.
While getting ready for her wedding, a bride found out that one of her guests showed up wearing white.
Discriminatory chants allegedly by Ecuador fans at the World Cup opening game led FIFA to open the first disciplinary case of the tournament on Tuesday. FIFA said the charge was brought “due to chants” at the game against Qatar on Sunday and cited the section of its disciplinary code dealing with discrimination. The chants were reportedly directed at Chile, which brought a legal case ahead of the World Cup to try to take Ecuador’s place.
The 'King of Hollywood', everybody.
Green Bay Packers quarterback Aaron Rodgers considers Thanksgiving "one of my favorite celebrated holidays."
The mass exodus continues.
Long live 'kini season.
A Portland Trail Blazers fan was reportedly kicked out of the Moda Center on Saturday night after making racist statements directed at Utah Jazz guard Jordan Clarkson. The fan was also accused of “flipping the [Jazz] players off for a long while,” according to Deseret News reporter Sarah Todd. The removal reportedly occurred during an injury timeout in the second quarter of the game between the Blazers and Jazz.
The FTX cryptocurrency exchange debacle continues to wreak havoc. FTX was the crown jewel of 30-year-old former trader Sam Bankman-Fried's cryptocurrency empire. The platform where you could buy and sell digital currencies was based in the Bahamas and had a subsidiary in the United States, FTX US, for people living in the United States.
How To Make Huge Profits In A Short Time With CryptoGet detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.
Crypto + NFT Quick Start CourseThe #1 course for profit in the Crypto & NFT world - You will discover the secrets that 99% of people don’t know yet
