This is the second lawsuit that names the Golden State Warriors as a defendent amid the fallout of the collapse of cryptocurrency firm FTX.
The Golden State Warriors are facing a second lawsuit amid the fallout of FTX, formerly one of the world’s largest cryptocurrency exchange firms.
An FTX customer has accused the reigning champions of “fraudulently promoting” the failed crypto company that filed for bankruptcy earlier this month, according toThe most recent proposed class-action suit, filed Monday in San Francisco federal court, also names FTX founder and former CEO Sam Bankman-Fried and Caroline Ellison, who led Bankman-Fried’s trading firm Alameda Research, as defendants, the report said.
Elliott Lam, a Canadian citizen and Hong Kong resident who reportedly lost $750,000 in the collapse of the cryptocurrency firm, alleged defendants incorrectly depicted FTX as being a “viable and safe way to invest crypto,” according to the report.Golden State was also named alongside several other high-profile backers, including Stephen Curry, Tom Brady and Shaquille O’Neal, in.
The Warriors previously showed in-arena and digital ads during TV broadcasts as part of their partnership with FTX launched last year. The reigning champs paused all FTX-related promotional assets last week after the company filed for Chapter 11 bankruptcy protection Nov. 11. A Jordan Poole bobblehead giveaway Nov. 14, planned months in advance, was the final FTX-partnered promotion.
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