FTX Investors File Lawsuit Against Mercedes F1 Team and MLB
A group of FTX users has taken legal action against the Mercedes-AMG Petronas Formula One racing team and Major League Baseball (MLB). The investors claim that these entities aided FTX’s fraudulent activities by promoting the exchange’s brand and logo. Bloomberg reported on Twitter that the lawsuit was filed in a Miami court on November 27. The plaintiffs allege that Mercedes F1 and MLB played a role in FTX’s fraud, which resulted in the loss of billions of dollars in customer funds. The complaint specifically mentions the inclusion of FTX.US patches on MLB umpire uniforms as a significant part of the partnership.
Involvement of Former Supporters and Partners
Earlier this year, FTX.US announced a global partnership with MLB to increase awareness and adoption of the exchange. As part of the collaboration, umpires wore uniforms prominently displaying the FTX logo. In September, FTX also signed a long-term partnership with the Mercedes F1 racing team, allowing for the display of FTX promotional materials on cars, driver uniforms, and other facilities. However, following the collapse of FTX and founder Sam Bankman-Fried’s fraud case, Mercedes suspended its sponsorship with the exchange.
Pursuing Legal Action for Compensation
In October, FTX proposed returning 90% of missing customer funds using recovered assets. Despite this, users are continuing their efforts to recover all damages through lawsuits against celebrities and renowned brands that endorsed the fraudulent exchange.
Hot Take: Investors Seek Accountability from Promoters
The recent lawsuit filed by FTX investors against the Mercedes F1 team and MLB highlights their determination to hold promoters accountable for their alleged involvement in facilitating an $11 billion fraud. These investors believe that the promotion of FTX’s brand and logo by these entities contributed to the exchange’s fraudulent activities, resulting in significant losses for customers. As the legal battle unfolds, it will be interesting to see how courts assess the responsibility of high-profile sponsors in cases of crypto fraud. This case serves as a reminder that investors are demanding transparency and accountability from those associated with cryptocurrencies.
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