YouTube Influencers Slapped With $1 Billion Lawsuit for Promoting FTX - Decrypt
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YouTube Influencers Slapped With $1 Billion Lawsuit for Promoting FTX A group of investors who did business with defunct cryptocurrency exchange FTX brought a class action lawsuit against multiple internet influencers Wednesday, alleging the content creators pushed unregistered securities on their v
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Multiple internet influencers, including YouTubers and celebrities, have been hit with a $1 billion class action lawsuit for allegedly promoting unregistered securities offered by defunct cryptocurrency exchange FTX. The lawsuit claims that the creators were paid to endorse FTX, which was a "fraudulent scheme designed to take advantage of investors from across the globe." The defendants are accused of playing a crucial role in elevating the collapsed business and are responsible for damages due to "misrepresentations and omissions regarding the FTX platform." The lawsuit is a consolidation of others brought against FTX founder Sam Bankman-Fried, insiders, and brand ambassadors.
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- YouTube Influencers Slapped With $1 Billion Lawsuit for Promoting FTX
- A group of investors who did business with defunct cryptocurrency exchange FTX brought a class action lawsuit against multiple internet influencers Wednesday, alleging the content creators pushed unregistered securities on their viewers and followers while promoting the collapsed exchange.
- Stephan did not immediately respond to requests for comment from Decrypt. Armstrong told Decrypt that he never received a dollar from FTX, adding that he plans on “countersuing immediately.” “I’ve never spoken with anyone at FTX or as a marketing agent acting on their behalf. Not once,” he said via direct message on Twitter. “So the allegations ag...
- The unregistered securities “endorsed and promoted” were yield-bearing accounts offered by FTX, the lawsuit claims, adding that the creators were paid to endorse FTX, which was a “fraudulent scheme [...] designed to take advantage of investors from across the globe.”
- Edwin Garrison, a resident of Oklahoma, led the lawsuit. And though the lawsuit was brought in Florida’s Southern District Miami Division Court, the plaintiffs include residents of the United Kingdom, Canada, and Australia as well. The defendants named in the case are responsible for damages due to “misrepresentations and omissions regarding the F...
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