News - FTX investors want to target celebrities

By Luc Vesters

FTX investors want to target celebrities

Laws and regulations
FTX investors want to target celebrities

A group of investors agreed to a settlement in their civil lawsuit against jailed FTX founder Sam Bankman-Fried (SBF). In exchange, he must cooperate in a lawsuit against celebrities who publicly promoted the platform.

Both SBF, which has been sentenced to 25 years in prison, and Adam Moskowitz, the lead attorney in charge of the class action lawsuit, have already signed the documents, as Bloomberg reports.

Numerous American celebrities promoted FTX to 2022, including basketball player Shaquille O'Neal, football star Tom Brady and his ex-wife Gisele Bundchen and TV star Kevin O'Leary.

Under Bankman-Fried's leadership, the exchange FTX spent millions on marketing and advertising. It signed contracts with celebrities, as well as Major League Baseball and the NBA team Miami Heat.

If a judge approves the application, SBF would be released from civil liability a few weeks after its criminal conviction. Investors lost more than $8 billion as a result of FTX's collapse.

As part of the proposed settlement, Bankman-Fried would have to hand over all non-confidential documents about his assets, as well as information about other defendants in the expanded lawsuit against FTX.

In addition, he should provide extensive information about venture capital firms that have invested in FTX. The same goes for accountants and lawyers who have worked with the exchange.

Bankman-Fried is currently still in the Metropolitan Detention Center in Brooklyn, New York. The former CEO of FTX plans to appeal his conviction.

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