Larry David Regrets FTX Ad
The well-known actor and comedian Larry David has expressed regret for his involvement in a high-profile Super Bowl commercial for the now-defunct cryptocurrency exchange FTX.
Sam Bankman Fried, the founder of FTX, was convicted of fraud, conspiracy, and money laundering last year.
David’s Reflection on FTX Ad
In an interview with The Associated Press, David shared that he sought advice from knowledgeable friends before agreeing to do the advertisement. Despite being assured of its legitimacy, David now looks back on his decision with disappointment.
The commercial humorously portrayed David dismissing significant historical inventions but skeptically evaluating FTX as “the next big thing.”
The commercial was directed by Jeff Schaffer, a colleague of David’s known for his work on Seinfeld and Curb Your Enthusiasm. Schaffer admitted to having no knowledge about cryptocurrency, emphasizing the unfamiliarity of the subject matter.
Lawsuit and Personal Losses
The commercial has led to a proposed class-action lawsuit that implicates David, former FTX CEO Sam Bankman-Fried, and other celebrities like Tom Brady and Gisele Bundchen. They are accused of contributing to the financial losses of investors affected by FTX’s downfall.
David, who received part of his compensation in cryptocurrency and suffered personal financial losses, has expressed interest in joining the lawsuit. However, he and the other celebrities have sought dismissal of the case, arguing they are not responsible for the investors’ losses.
Conviction in Fraud Case
Bankman-Fried was convicted on multiple charges related to one of the largest fraud cases in American history. Each count of fraud, conspiracy, and money laundering carries a maximum sentence of 20 years in prison.
He also faced convictions for conspiracy to commit commodities fraud and conspiracy to commit securities fraud, which could add an additional five years to his sentence.
The U.S. Attorney for the Southern District of New York emphasized the gravity of Bankman-Fried’s actions, highlighting that while cryptocurrency may be a new frontier, the fraud and corruption he engaged in are timeless.
Hot Take: Larry David’s Regretful Involvement with FTX
Larry David’s remorse over participating in an FTX Super Bowl commercial reflects the risks associated with endorsing cryptocurrency without thorough understanding or due diligence. This case serves as a cautionary tale for celebrities considering partnerships with crypto companies. The legal implications and personal financial losses experienced by David and other celebrities highlight the potential consequences of involvement in a fraudulent enterprise. As the cryptocurrency industry continues to evolve, it is crucial for both investors and endorsers to exercise caution and conduct proper research before getting involved.
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