The Golden State Warriors are being sued for misleading FTX customers about the safety and reliability of thecryptocurrencies platform. Tom Brady and Larry David are accused of engaging in fraudulent activity to help prop up an alleged FTX-led "Ponzi scheme."
The Golden State Warriors case was brought by a Canadian citizen and Hong Kong resident who claimed he filed his case on behalf of thousands of FTX traders who may have been deceived by the team. According to the lawsuit, the Warriors made a false representation of FTX as a safe and reliable platform. FTX users outside the U.S. who held yield bearing accounts are being sought for damages. FTX traders and founder Sam Bankman- Fried lost billions of dollars in recent weeks as the company scrambled during a sudden liquidity crisis. The company filed for Chapter 11 protection.
The Warriors dropped exclusive NFT collections on the platform. FTX had their logo on the Warrior's court during NBA 2K League games and on pole pads and press tables for the Santa Cruz Warriors. FTX spent a lot of money to get the naming rights for the Miami Heat's basketball arena.
The Warriors announced last week that they would pause all FTX promotional assets. The Warriors don't talk about pending legal matters.
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