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Sports Leagues Are Now Being Sued for Promoting FTX: Report

1 min
Updated by Geraint Price
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In Brief

  • Entire sports leagues are currently facing lawsuits for featuring FTX promotions visible to their fan base.
  • This comes after FTX investors initiated legal action against numerous celebrities and sports stars, including Tom Brady.
  • The investors' legal actions extend beyond individuals to encompass major sports leagues and YouTube stars.
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Entire sports leagues are now facing lawsuits for featuring FTX promotions that were visible to their fan base. This comes after FTX investors pursued legal action against a multitude of celebrities and sports stars in the aftermath of the exchange’s collapse.

Some of the sports leagues that reportedly promoted FTX include Major League Baseball (MLB), Formula 1 racing, and Mercedes-Benz Group AG’s racing team.

Sports Leagues Who Endorsed FTX Under Fire

According to a recent report, the investors’ lawyers sued MLB, which had a major partnership with FTX. Additionally, other major sporting leagues signed a promotional deal with FTX before its collapse.

However, it was reported that the FTX investors claim that these leagues “helped push the sale of unregulated securities through promotional deals with the cryptocurrency site.”

Meanwhile, the investors claim that the sports leagues didn’t do their due diligence. Furthermore, they claim the leagues got distracted by the significant money earnings:

“MLB and many others were quick to jump into the crypto world with both feet when they saw the potential for fast money,” the report said.

Read more: Best Christmas Crypto Promotions

Celebrity Backlash Over FTX Endorsement

Several celebrities who endorsed the now-defunct FTX exchange are facing a $1 billion lawsuit.

Some of the sports stars entangled in the lawsuit include Tom Brady, Trevor Lawrence, and Steph Curry.

Additionally, more celebrities from various fields are targets if they endorsed FTX in any manner before its collapse.

Furthermore, there is a lawsuit against several YouTube stars for their promotions of FTX. Some of these creators have as many as 1.8 million monthly subscribers on YouTube.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.