FTX seeks to reverse payments made to Shaquille O’Neal, Naomi Osaka, Stephen Curry, and other celebrity athletes who promoted the crypto exchange before it filed for bankruptcy. FTX’s collapse Sam Bankman-Fried started FTX in 2019 as a digital currency exchange platform that lets people buy and trade cryptocurrency. Customers began opening accounts on FTX to trade and buy cryptocurrency, and top venture capital investors began pouring into it. According to Tech Target, by January 2022, the company was worth $32 billion. However, that ended in November 2022 when an accounting
Basketball legend Shaquille O’Neal, who had been evading process servers for months, was served with two complaints during a game between the Miami Heat and Boston Celtics at the Kaseya Center—formerly named the FTX Arena. The complaints are related to his involvement with the now-bankrupt crypto exchange FTX and second NFT venture with his son. The process server, who O’Neal later kicked out of the venue, captured the event on film to eliminate any ambiguity, attorney Adam Moskowitz told PEOPLE. FTX Class Action Lawsuit One of the complaints against O’Neal
Several Black celebrities are facing lawsuits and investigations for promoting FTX, the crypto exchange that collapsed earlier this month, costing US investors $11 billion in damages. A Texas regular is investigating Steph Curry, among others, over payments received to promote FTX, as well as any disclosures made to determine whether any unlawful practices took place. “We are taking a close look at them,” Texas State Securities Board’s Joe Rotunda said in an interview with Bloomberg News. Rotunda emphasized that the celebrities under investigation “aren’t the most immediate priority [but] they’re
Many crypto traders in Africa who frequently use FTX platforms have been shocked and unable to withdraw their funds after an unexpected collapse. FTX’s collapse hits Africa hard The cryptocurrency exchange FTX filed for bankruptcy earlier this month, and its CEO, Sam Bankman-Fried, decided to step down from his position. Once valued at $32 billion, FTX, the platform is now valued at nothing with mountains of debts. According to TechCrunch, over 100,000 Africans used FTX to convert their local currencies to dollars and to bump up their savings. This was
