The investors describe FTX and its linked businesses as a real ponzi scheme.
The lawsuit was filed in Florida’s Southern District Court by two major law firms.
To recoup their losses, a group of investors filed a class action lawsuit against the defunct cryptocurrency exchange FTX, its founder Sam Bankman-Fried, and several celebrities, alleging that they participated in a “fraudulent scheme” to “take advantage of unsophisticated investors from across the country.”
Defendants were accused of actively participating in the “offer and sale of unregistered securities in the form of yield-bearing accounts.” According to a lawsuit filed in Florida’s Southern District Court by two major law firms.
$11 Billion in Damages
The lawsuit claims FTX utilized new investor money received via investments in the yield-bearing accounts. And loans to pay interest to the old ones and to seek to preserve the impression of liquidity. Describing FTX and its linked businesses as a real “house
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