Your audio article is ready to load.
FTX advertisements wanted you to know thatcryptocurrencies are a force for good and that you don't need to be an expert to trade it. You don't need to comprehend it at all. If you don't get involved, you're going to get left behind.
An impressive lineup of A-list celebrities and athletes, as well as appearances by the now-bankrupt exchange's ex-CEO Sam Bankman-Fried, are included in the same promotions.
Bankman-Fried lost most of his personal wealth in a single day and is under investigation by both the SEC and the CFTC. Many of the retail investors targeted by those shiny ads have lost their savings. Six or so months ago? Brady asked people if they were in, Curry told users that they didn't need to be experts in digital assets, and David told retail investors to ignore the skeptics.
Joseph Kaye told Futurism that the blood was on the hands of Sam Bankman-Fried. It's on the hands of anyone who has been promoting this product.
Kaye's firm, alongside that of New York's David Boies, is representing thousands of dismayed FTX retail investors in a class action lawsuit filed this week against FTX, its founder, and its many celebrity sponsors.
It's like breathing air when you consume a celebrity endorsement. They're soaked into every corner of the culture, and most public figures have their influencing hustle, which includes makeup, clothes, shoes, cars, and the like. A fair amount of celebrities have inspired rage over their posts on social media.
FTX accounts are not the same as the others. It's hard to find someone who bought a celebrity-endorsed lollipop and woke up to find their savings gone and a balance sheet with an eight billion dollar hole to show for it.
FTX accounts were yield-bearing, promising its investors high returns for their investments, just without the actual label. A class action suit has been brought against Mark Cuban, billionaire of "Shark Tank" fame, and his business partner.
Kaye said that a lot of people think that investing in cryptocurrencies is riskier than other investments. The issue here is not whether or not they made an investment in cryptocurrencies. The function of the account is what it is.
It now appears that FTX was using its investors' money to fund its own lending activities with the user money it had been trusted with.
"If you make statements like that, and you don't disclose how much you're making or what your arrangement with them is, you're liable as a promoter to the same extent as if you made that statement," Kaye said.
No one is saying that Brady or Bndchen were aware that FTX could be involved in malpractice. They were likely taken in by Bankman-Fried's efforts to build a reputation for himself as Mr. TrustworthyCrypto Man. It's likely that they didn't know that they were hawking something that could be considered an unlicensed security.
The point is exactly what it is. They said that they weren't experts. It's not in the very least. A lot of people have been hurt because of it, and there doesn't appear to have been much due diligence here. Curry might have handed out FTX accounts on the corner. It can be argued that he and the other figures in the suit played a significant role in FTX's adoption by the people, downplaying the instability and messiness of the world while promising that FTX had their back.
It would be great to see them take some responsibility after the fall of FTX.
"I remember our first meeting and we were talking to the FTX guys, but I still don't understand what they're saying," David told The Hollywood Reporter. That's okay." I don't have to pay attention to everything.
Politicians refuse to say whether they will give back donations.
All Rights Reserved © 2024
