PRESS RELEASE
Federal Judge Dismisses Most Claims Against Celebrities in FTX Lawsuit
In a significant legal development, a Florida federal judge has dismissed the majority of claims against high-profile celebrities and influencers, including Stephen Curry, Tom Brady, and Gisele Bündchen, involved in promoting the now-defunct cryptocurrency exchange FTX. The ruling comes as part of a broader multidistrict litigation arising from FTX’s catastrophic collapse in November 2022, which resulted in the loss of billions of dollars in customer funds.
U.S. District Judge K. Michael Moore stated that the plaintiffs, a group of FTX investors, could not sufficiently prove that the Celebrity Defendants had knowledge of any wrongdoing by FTX or its former CEO, Sam Bankman-Fried, when endorsing the platform. Consequently, the judge dismissed nearly all claims against these celebrities, asserting they were not liable for promoting the exchange without disclosing their financial incentives.
The legal battle centered on accusations that the celebrities and other influencers were paid substantial sums to endorse FTX without revealing their financial interests, which allegedly violated both federal and state advertising laws. Additionally, most claims against the YouTuber Defendants, who marketed FTX via social media, were also dismissed.
The ruling is a pivotal moment in a case that has attracted significant attention due to its implications for celebrity endorsements and the regulation of cryptocurrency. While the legal landscape remains complex, this decision marks a considerable narrowing of the accusations against prominent figures who participated in marketing the now-defunct exchange.
As the FTX scandal continues to unfold, the implications of this ruling will likely resonate within the realms of celebrity marketing and the broader cryptocurrency industry.
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