FTX aftermath: Brady, Ortiz named in crypto lawsuit
An Oklahoma man angry that he lost money in the ongoing FTX implosion has filed a class action suit in which he’s seeking his pound of GOAT flesh and more, as defendants include Tom Brady, David Ortiz, Larry David, Steph Curry and more celebrity endorsers of the now-collapsing crypto exchange.
Wednesday brought yet more twists and turns in the saga of FTX and its founder Sam Bankman-Fried, including the eye-catching federal lawsuit and the news that the House Financial Services Committee expects to hear from the 30 year old, who was previously hailed as a hero in the crypto community but now faces potential civil and criminal charges related to FTX’s collapse.
The panel also expects to get testimony from FTX representatives, other crypto exchanges including Binance, Bankman-Fried’s hedge fund, Alameda Research, and others at a December hearing.
FTX filed for bankruptcy protection Friday, sending shockwaves through the cryptocurrency industry, which has seen an enormous amount of volatility this year, including a sharp decline in the price of bitcoin and other digital assets.
But the sheer size of FTX’s collapse highlights the massive market risks inherent in the growing crypto industry. Billions of dollars of wealth may have been destroyed in a few days. The circumstances have prompted investigations by the Justice Department and Securities and Exchange Commission and bipartisan alarm over how things shook out.
And then there’s the lawsuit, which in addition to targeting BankmanFried, is also going after his various celebrity endorsers — including some famed Boston athletes. It brings together longtime New England Patriots star quarterback Brady (“Defendant Thomas Brady”) and his former wife supermodel Gisele Bundchen as co-defendants, as well as Red Sox legend “Big Papi” David Ortiz.
Also on there are NBA great Shaquille O’Neal — who did spend some time on the Celtics toward the end of his career — plus the Golden State Warriors basketball team and their star point guard Stephen Curry, comedian Larry David, former NBA player Udonis Haslem, “Shark Tank”‘s “Mr. Wonderful” Kevin O’Leary, Jacksonville Jaguars quarterback Trevor Lawrence, tennis star Naomi Osaka and Los Angeles Angels pitcher/ outfielder phenom Shohei Ohtani.
The 41-page civil complaint features pictures of each of these celebs, including a handsome picture of Brady and Bundchen, presumably from when the pair were still together before they finalized their divorce a few weeks ago.
The suit argues that all of these defendants’ their celebrity status makes them culpable in their promotion of the firm’s failed business model.
The suit is listed as for over $5 million. The plaintiff is seeking unspecified monetary damages.