News

An FTX FTT/USD customer who claimedhe lost $750,000 after the exchange went bankrupt has filed a lawsuit against the NBA's Golden State Warriors based on the teampromoting the allegedly fraudulent crypto exchange, according to a Reuters reportfromMonday.

Elliott Lamfiled the class-action lawsuit in San Francisco, naming Sam Bankman-Fried, Caroline Ellisonand the Golden State Warriors in the suit.

Lam accused the Golden State Warriors of misrepresenting FTX as a "viable and safe way to invest in crypto,"a characterization he claimedwas deceptive.

See Also:Sam Bankman-Fried, You Are Invited to Speak At Benzinga's Future of Crypto on Dec.7

The lawsuit seeks $5 million in damages for non-U.S. customers. In the suit, Lamsaid, thousands, if not millions, of consumers internationally hadbeen harmed by the collapse of FTX and the defendants helped perpetuate fraud and deceit at a scale rarely seen before.

The Warriors were also being sued in Miami by U.S.-based FTX customers. Notable people named in that case includedBankman-Fried as well as NFL quarterback Tom Brady and comedian Larry David, with the suit stating they engaged in deceptive practices to promote FTX exchange.

FTX filed for bankruptcy in mid-November, as itexplained on Twitter. In the updated filing, there was the claim that: In fact, there could be more than one million creditors in these Chapter 11 Cases.

Read Next:FTX CEO Details Plans To Restructure Global Empire, Asks Stakeholders To 'Be Patient'

Photo: Pit Karges from Pixabay

Articles You May Like

DC home inventory skyrockets by 47% following Trump admin’s federal layoffs
Private investments totaling over $5T under Trump add thousands of American jobs
On Autism, Kennedy Turns Against Science and Reality
More Americans turning to different energy source for homes
Kevin O’Leary claims three ingredients hold the secret to jumpstarting market