What happened to Tom Brady’s FTX lawsuit? NFL icon, Gisele Bundchen among celebs making moves on class-action case
On April 14, 2023, celebrities such as Tom Brady, Gisele Bundchen, comedian Larry David, and athletes such as Stephen Curry, Udonis Haslem, Trevor Lawrence, David Ortiz, Shohei Ohtani, and others have been implicated in dismissing the case in a class-action lawsuit over promoting crypto exchange FTX.
The celebrities above promoted the exchange on social media in 2021 and 2022 and appeared in multiple ads related to FTX.
In December, lawyers filed to sue FTX CEO Sam Bankman-Fried. They accused FTX and its celebrities/athletes of being responsible for the many billions of dollars in damages they created.
As a result, Bankman-Fried was arrested and charged with wire fraud and money laundering.
The athletes, however, were not arrested. They filed a motion to dismiss the case.
According to the filing:
“There is no plausible connection between advertising, postings, or sponsorships related to FTX generally and Plaintiffs’ specific alleged lost deposits.
“Plaintiffs simply were not injured by Movants (the celebrities). As their complaint lays bare, FTX — not Movants — allegedly enticed Plaintiffs into opening YBAs.”
.@TomBrady, other celebrities ask court to dismiss lawsuit over promoting @FTX_Official
cryptoslate.com/tom-brady-othe…
When Tom Brady retired from the NFL, one of his business ventures and post-life ventures included investing.
NBA Hall of Famer Shaquille O'Neal is distancing himself from FTX and crypto
Global icon and NBA Hall of Famer Shaquille O'Neal isn't a big fan of crypto exchanges.
He himself, like Tom Brady and other athletes, was involved in a lawsuit filed by FTX for promoting the company last June.
Shaq spoke with CNBC in an interview and opened up about the situation and his involvement with FTX.
He said:
“A lot of people think I’m involved, but I was just a paid spokesperson for a commercial."
Shaq added:
“I don’t understand it, so I will probably stay away from it until I get a full understanding of what it is. From my experience, it is too good to be true.”
Shaq distances himself from crypto and FTX collapse: ‘I was just a paid spokesperson’ (via @CNBCMakeIt) cnb.cx/3FoJYJO
It will be interesting to see what happens to Tom Brady and the other celebrities involved in FTX after their motion to dismiss the case was filed.
If you use any of the above quotes, please credit cryptoslate.com, Shaquille O'Neal, CNBC, and H/T Sportskeeda.