FTX Founder Cooperates in Celebrity Suit

Sam Bankman-Fried, the founder of the bankrupt crypto exchange FTX, has agreed to participate in litigation against celebrities who promoted the platform.

This was after the majority of crypto users decided to drop their case against Sam Bankman-Fried just the other day and project their energy toward FTX influencers.

According to his case ruling, Bankman-Fried was sentenced to 25 years in prison due to allegations of defrauding his customers and investors.

As part of the agreement that Bankman-Fried has to comply with FTX investors, he will help identify anyone who could be responsible for fraud due to their celebrity status and endorsement. Among the celebrities are athletes Tom Brady, Shaquille O’Neal, and Stephen Curry, as well as other high-profile figures.

The lawsuit conveys that the celebrities overstated the safety and security of FTX, which was a contributing factor to the implosion of the platform, culminating in its eventual bankruptcy.