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FTX YouTube Influencers Faces Group Lawsuit

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A class of investors who transacted business with the defunct crypto exchange FTX slammed with a class action suit against internet influencers.

YouTubers Reportedly Promoted Unregistered FTX’s Securities

The class action lawsuit was spearheaded by a United States citizen residing in Oklahoma, Edwin Garrison, and additional plaintiffs from the UK, Australia, and Canada, who all had FTX YBA accounts.

These FTX investors claimed that the class of financial gurus uncritically praised the FTX due to money given to them.

According to the disgruntled investors, the influencers hyped a fraudulent cryptocurrency exchange after they got lucrative sponsorship deals.

Thus, they led their viewers to financial ruin through their acts.

The investors filed the lawsuit on Wednesday, March 15, at the Miami Federal court, Florida.

In their suit, they argued that YouTube influencers greatly enticed customers to use FTX.

According to the investors, the internet influencers convinced them the platform is safe among various crypto scams and fraudulent operators.

Furthermore, they promoted the sale of FTX’s YBAs to their numerous followers.

The defendants mentioned in the lawsuit are as follows; Erika Kullbeg, founder of a talent management company, Creators Agency; Kevin Paffrath, Tom Nash, Ben Armstrong (Bitboy), Graham Stephan, and Brian Jung.

As stated in the lawsuit, after FTX collapsed, Nash, Stephan, and Paffrath eliminated every video on their YouTube channel, which endorsed the exchange and praised Sam Bankman-Fried.

Instead, they posted an apology video.

Also, they acknowledged their part in promoting FTX, which led to the investors losing billions of dollars.

Additional FTX Influencers Slammed with Lawsuits

 

According to a previous report, Shaquille O’Neal, an NBA (National Basketball Association) champion and Naomi Osaka, a Japanese Tennis athlete, Kevin O’Leary, Trevor Lawrence, Gisele Bündchen, and Tom Brady also faced a lawsuit.

They were also sued as celebrities and sports stars who promoted the FTX platform to investors with little knowledge of crypto.

However, due to a lack of notification, O’Neal and Osaka may not be held accountable for the FTX suit.

According to Kevin Moore, a United States district judge, it is unclear whether both parties were notified of the court action against them.

 

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