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Celebrity FTX Investors Roped Into $11B Lawsuit; Binance Under Investigation

2 mins
Updated by Kyle Baird
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In Brief

  • The lawsuit includes athletes like Tom Brady, Stephen Curry, and shark tank personality Kevin O’Leary.
  • The class-action lawsuit claims that American consumers collectively sustained over $11 billion in damages.
  • Binance is under scrutiny from Congress for its possible involvement in the FTX collapse.
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The situation worsens as well-known celebrities have been roped into the FTX lawsuit while Binance is under congressional scrutiny.

Oklahoma resident Edwin Garrison has filed a class-action lawsuit against Sam Bankman-Fried, the founder of FTX. The lawsuit also held celebrities who endorsed FTX liable for investors’ losses.

Edwin Garrison filed the lawsuit with The United States Southern District Court of Florida Miami Division. The suit claims damages worth over $11 billion.

Celebrities Roped into the FTX Lawsuit

The lawsuit is filed against Tom Brady, Gisele Bundchen, Stephen Curry, Golden State Warriors, Shaquille O’Neal, Udonis Haslem, David Ortiz, William Trevor Lawrence, Shohei Ohtani, Naomi Osaka, Lawrence Gene David, and Kevin O’Leary.

According to the FTX lawsuit, these parties promoted unregistered securities and violated Florida’s Securities and Investor Protection Act.

Are celebrities liable for investors’ loss?

The news has sparked a battle among the community if the celebrities who endorsed FTX should be held accountable for investors’ loss. 

While a portion of the community believes that investors should have personal responsibility, the other side blames the greed of celebs. Although, the decision now lies with the District Court of Miami. Overall, this lawsuit will make endorsers give more thought before finalizing a deal with brands.

Binance, under the scrutiny of Congress

While celebrities are hit with class-action lawsuits, there seems to be trouble ahead for one of the largest crypto exchanges, Binance.

Rep. Patrick McHenry, R-N.C., acknowledged to The Block that there would be some discussion about Binance’s role in the collapse of FTX in the December hearing.

The community questions why Binance is under scrutiny while Sam Bankman-Fried is currently facing no consequences.

Got something to say about the FTX Lawsuit, Binance investigation, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.


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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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