Stephen Curry and the Golden State Warriors have found themselves on the wrong side of a class-action lawsuit. The suit, filed November 15, is filed against FTX founder, Sam Bankman-Fried, and several other celebrities who endorsed the exchange.
This comes after a monumental collapse by the company which filed for Chapter 11 bankruptcy and has reportedly lost “billions in customer deposits,” following a failed buyout by Binance on November 9. Bankman-Fried lost 94 percent of his net worth disappeared the following day , per the suit.
The lawsuit accuses Curry, the Warriors and other celebrities of pushing “adoption of the Deceptive FTX Platform” onto “unsuspecting and unwitting retail consumers.”
It paints a picture of celebrity endorsers selling consumers on deceptive product, which would not have thrived without their support.
“Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment—like these Defendants—to raise funds and drive American consumers to invest… pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” the lawsuit said.
The suit, filed by Edwin Garrison, points to “$11 billion dollars in damages” following the FTX blow-up, saying that celebrities like Curry, Tom Brady, David Ortiz, Shohei Ohtani and others, “… hyped FTX to their social media fans , driving retail consumer adoption of the Deceptive FTX Platform.”
The lawsuit, which can be found here, is seeking damages in excess of $5 million and is surely just the beginning of what is an already wild saga.