FTX called a pyramid scheme in a lawsuit against Sam Bankman-Fried and celebrities who promoted the exchange

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A group of investors sued the FTX cryptocurrency exchange, its founder and several celebrities who participated in advertising the site.

In their lawsuit, the investors claim thatthe celebrities "participated in a fraudulent scheme" that "involved inexperienced investors." Among the defendants, in addition to Sam Bankman-Fried, were NFL quarterback Tom Brady, supermodel Gisele Bundchen, tennis star Naomi Osaka, and one of the most famous basketball players Shaquille O' Neal (Shaquille O'Neal) and Shark Tank host Kevin O'Leary.

The authors of the lawsuit emphasize that FTX and its affiliates organized a "full-fledged house of cards" and even a "pyramid scheme," "shuffled customer funds between their affiliated entities, and failed to ensure transparency."The lawsuit also alleges that the FTX exchange used funds from new investors to pay income to old investors and "create the appearance of liquidity."

According to the plaintiffs, the organizers of the scheme destroyed a significant part of the evidence, including presentations and promotional emails.However, investors hope that US law enforcement agencies will be able to establish the factfraud and punish those responsible.

Bits.Media has released a large-scale material telling the story of one of the largest crises in the cryptocurrency industry.