NBA Champion sues FTX
2022.11.21 13:35
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NBA Champion sues FTX
Budrigannews.com – On Monday, a customer of FTX filed a lawsuit against the Golden State Warriors, claiming that the current champions of the National Basketball Association promoted the now-bankrupt cryptocurrency exchange fraudulently.
Elliott Lam, a Hong Kong resident and citizen of Canada, filed his proposed class-action lawsuit in federal court in San Francisco on behalf of “thousands, if not millions” of foreign traders who traded on the FTX platform.
Sam Bankman-Fried, who established FTX, and Caroline Ellison, who was in charge of Bankman-Fried’s trading firm Alameda Research, are two additional defendants.
In what it described as a first-of-its-kind cryptocurrency partnership in professional sports, the Warriors made FTX their official cryptocurrency platform in December of that year.
Lam said that the defendants tried to trick people into investing in FTX by claiming that it was a “viable and safe way to invest in crypto.”
Customers outside of the United States with FTX yield-bearing accounts are the target of the lawsuit, which is filed in accordance with California consumer laws.Lam claimed that his account had lost $750,000.
The Warriors, according to a spokeswoman, do not discuss pending legal matters.Requests for additional information were not immediately responded to by Lam’s lawyers.
A lawsuit filed on November 16 in Miami by U.S.-based FTX customers seeks damages from celebrity endorsers like Warriors guard Stephen Curry, quarterback Tom Brady, comedian Larry David, and tennis player Naomi Osaka. The Warriors are also a defendant in the lawsuit.
According to published reports, the Warriors halted promotions related to FTX last week.
On November 11, another NBA team, the Miami Heat, announced that it would seek a new naming sponsor and remove the FTX brand from its arena.
On the same day, FTX applied for Chapter 11 protection.The Intensity isn’t a respondent in the Miami claim.
