The incredible bankruptcy of FTX has serious consequences. For the world of cryptocurrencies, for millions of customers who lost big, and for the world of sports, which the company had sponsored in droves.
Miami needs to find a new sponsor for its venue, just months after placing the FTX logo.
As for the many athletes who have advertised for Sam Bankman-Fried’s company, they are cited with the former boss of the company in a class action initiated in Florida.
“The Deceptive and Faulty FTX Platform Was Based on False Claims and Misleading Conduct”explains the complaint, which adds that the “FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors across the country, who use mobile apps to make their investments. »
That’s why Tom Brady, Stephen Curry, Golden State Warriors, Shaquille O’Neal, Udonis Haslem, David Ortiz, Naomi Osaka and other athletes who have promoted FTX are quoted.
“FTX executives were marketing geniuses and they knew that a Ponzi scheme as massive and even bigger than Madoff’s could only succeed with the help and promotion of the most famous, respected celebrities and influencers. and appreciated”explained Adam Moskowitz, the lawyer who filed the complaint.
Even if we are still in the world of cryptocurrencies, the case seems very different from that of EthereumMax, which had seen Paul Pierce and other stars “boost” the value of a cryptocurrency in a “pump and dump” fairly clear. For FTX, which until recently had a very solid reputation, Stephen Curry and company were mainly used, and paid for, by a company which turned out to have fraudulent behavior.
