Tom Brady, Gisele Bundchen and Shaquille O’Neal sued for endorsing Sam Bankman-Fried’s FTX crypto platform

Tom Brady, Gisele Bundchen, Shaquille O'Neal, Steph Curry, Naomi Osaka and Larry David, who are named as FTX ambassadors, were held responsible for around $11 billion worth of losses to American consumers

Tom Brady, Gisele Bundchen and Shaquille O’Neal sued for endorsing Sam Bankman-Fried’s FTX crypto platform
Tom Brady, Gisele Bündchen (L), Shaquille O'Neal (R) and many other celebs sued after the collapse of Sam Bankman-Fried's (C) biggest crypto trading platform FTX (Craig Barritt/Ethan Miller/Amy Sussman/Getty Images)
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FLORIDA, US: After the biggest crypto trading platform 'FTX' collapsed a bunch of A-lister celebrities who publicly backed the ponzi social media giant are now being sued in a class action lawsuit worth $11 billion. The suit filed in Florida includes famous stars such as Tom Brady, Gisele Bündchen, who are named as FTX ambassadors, Shaquille O'Neal, Steph Curry and Larry David. 

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The scandal-ridden crypto giant founder, Sam Bankman-Fried, 30, is already being investigated over the firm's collapse. Bankman-Fried and the many celebrities he recruited to endorse the firm are responsible for around $11 billion worth of losses to American consumers. Many of the celebrities were named as ambassadors, while others appeared in part-time commercials. The muckraking scandal and the firm's collapse have triggered a crisis of confidence in cryptocurrency, that has even caused the value of assets such as Bitcoin to plunge. 

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Sam Bankman-Fried speaks onstage during the first annual Moonlight Gala benefitting CARE - Children With Special Needs - hosted by Michael Cayre, Roy Nachum and MegaMoon Museum at Casa Cipriani on June 23, 2022 in New York City.
Sam Bankman-Fried speaks onstage during the first annual Moonlight Gala benefitting CARE - Children With Special Needs (Craig Barritt/Getty Images for CARE For Special Children )

FTX CEO Bankman-Fried who is known to have founded one of the biggest cryptocurrency exchanges in the world is currently being held up in the Bahamas, where FTX was based. Authorities are considering extraditing the crypto mogul to the United States for questioning. The lawsuit was filed in the US District Court's Southern District of Florida. In a series of tweets Bankman-Fried on Wednesday, November 16, even admitted, "We got overconfident and Careless."

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The new filing includes names such as, Sam Bankman-Fried, Tom Brady, Gisele Bündchen, Stephen Curry, Golden State Warriors, Shaquille O’Neal, Udonis Haslem, David Ortiz, William Trevor Lawrence, Shohei Ohtani, Naomi Osaka, Lawrence Gene David, and Kevin O’Leary, reported Daily Mail. They are described as "parties who either controlled, promoted, assisted in, and actively participated in" FTX's operations, reported the source. The suit adds, "The Deceptive and failed FTX Platform was based upon false representations and deceptive conduct.

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In the ad, Tom Brady and Gisele Bundchen are seen calling people, telling them the benefits of the FTX platform (Gisele Bündchen/Twitter)
In the FTX ad, Tom Brady and Gisele Bündchen are seen calling people, telling them the benefits of the platform (Gisele Bündchen/Twitter video screenshot)
Shaquille O'Neal, Inside the NBA, Turner Sports attends the Warner Bros. Discovery Upfront 2022 arrivals on the red carpet at The Theater at Madison Square Garden on May 18, 2022 in New York City.
Shaquille O'Neal has also been named in the lawsuit (Mike Coppola/Getty Images for Warner Bros. Discovery)

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Even though most of FTX's emails and texts have been destroyed, authorities collected evidence that shows how "FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments." NFL star Brady and his ex-wife Bundchen joined the $20 million ad campaign in 2021 and started in commercials telling others to join the platform. Naomi Osaka was an ambassador for the company. Stephen Curry, Larry David, and Shaquille O’Neal indulged in commercially promoting the platform. 

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Stephen Curry #30 of the Golden State Warriors reacts to a play during the second quarter against the Dallas Mavericks in Game Three of the 2022 NBA Playoffs Western Conference Finals at American Airlines Center on May 22, 2022 in Dallas, Texas. The Golden State Warriors won 109-100. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.
Stephen Curry promoted the FTX platform (Tom Pennington/Getty Images)
Naomi Osaka of Japan celebrates  after defeating Alison Riske of United States during the Women’s Singles match on Day 8 of the 2022 Miami Open presented by Itaú at Hard Rock Stadium on March 28, 2022 in Miami Gardens, Florida.
Naomi Osaka was an ambassador for FTX (Mark Brown/Getty Images)

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Larry David attends the premiere of HBO's
Larry David was indulged in commercially promoting the platform (Kevin Winter/Getty Images)

The lawsuit claimed, "The Deceptive FTX Platform maintained by the FTX Entities was truly a house of cards, a Ponzi scheme where the FTX Entities shuffled customer funds between their opaque affiliated entities, using new investor funds obtained through investments in the YBAs [yield-bearing accounts] and loans to pay interest to the old ones and to attempt to maintain the appearance of liquidity," reported the source.

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