February 5, 2023

Sam Bankman-Fried faces seven class action lawsuits

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1 min.

Sam Bankman-Fried faces seven class action lawsuits

The rapid collapse of the FTX cryptocurrency exchange has spawned a series of class-action lawsuits against its former head, Sam Bankman-Fried, as well as media people whom the exchange attracted to advertise its services.

Starting November 11, various legalDepartments were filed seven collective complaints. Former FTX clients blame Sam Bankman-Fried, FTX executives and celebrities such as Tom Brady, Kevin O'Leary, Stephen Curry, Trevor Lawrence ( Trevor Lawrence) and Shaquille O'Neal (Shaquille O'Neal) in fraud and unfair advertising.

Class action proceedings have becomein addition to numerous lawsuits and investigations initiated against FTX and Sam Bankman-Freed. Earlier, Terraform Labs co-founder Do Kwon called on the troubled FTX and Genesis companies to tell the public the truth and reveal their role in the death of the Terra ecosystem.

As reported by the New York Times, New York prosecutors are looking into the possibility of manipulation of the Luna and TerraUSD cryptocurrencies by FTX founder Sam Bankman-Freed.