Larry David, as well as a number of other famous people, helped to promote the now- wrecked FTX. A class action lawsuit was filed in Florida on Tuesday that listed a number of celebrities who shilled for the platform. The company is accused of being a deceptive business that engaged in harmful and fraudulent behavior by its former CEO, Sam Bankman- Fried. I can't think of a better name for him. The creator of Curb Your Enthusiasm starred in a Super Bowl ad to promote the exchange. The ad, which is quite funny, shows the comedian missing out on technological innovations throughout history, only to turn down investment in FTX, too. The ad ends with the slogan "Don't be like Larry", implying that the viewer should invest in the exchange because it is the future. Curb star David was hectored into appearing in an advert by his agent, but it is disappointing that he actually did it. He could be a lot of trouble. Attorneys David Boies and Adam Moskowitz wrote in the new lawsuit that FTX was a Ponzi scheme and that the actions of the defendants impacted thousands, if not millions, of consumers nationwide. FTX owes at least a million customers money. The legal argument revolves around the idea that FTX and its supporters were promoting securities that were not registered with the US Securities and Exchange Commission. “...FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments. As a result, American consumers collectively sustained over $11 billion dollars in damages.” It isn't unusual for big stars to get sued over something. More and more legal action has been taken in the last few years due to a swell of celebritycryptocurrencies endorsements. KimKardashian was sued for her role in driving investors to the project Critics said the coin had all the markings of a pump and dump scheme.
Many of the celebrities listed in the new FTX lawsuit served as brand ambassadors for the company, using advertisements and press appearances to help promote the exchange and shore up its reputation as one of the most stable and successful.
FTX executives misappropriating massive amounts of users' funds for risky bets caused the reputation of the company to go down. Billions of dollars in assets are missing, the exchange has been hacked and hundreds of millions of dollars have been stolen, and the U.S. is debating whether to extradite SBF back to the states. Things aren't going well and people who vouched for the company look bad
There is only one thing that can convey this whole clusterfuck and that is an update of Larry's FTX commercial with the traditional Curb jingle appended to it. Someone is already making one.
Larry should have listened to TV Larry and steered clear of what was clearly a bad idea. If there is one silver lining, it is that the FTX disaster could be written into the next season of Curb Your Enthusiasm, which would make for a stellar story arcs, and redeem this whole fiasco.
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