Influencers like Bitboy, Meet Kevin and Graham Stephan are reportedly being sued for $1 billion in a class action lawsuit for promoting defunct crypto exchange FTX

3/16/2023

YouTubers and influencers like Bitboy, Meet Kevin and Graham Stephan are reportedly being sued for $1 billion in a class action lawsuit for promoting defunct crypto exchange FTX, per the Block.

The lawsuit alleges that some of the creators, namely Paffrath as well as Graham Stephan and Tom Nash, "have now scrubbed their YouTube channels of all video clips endorsing FTX and praising Sam Bankman-Fried."

"Yes, I used to be sponsored by FTX. I think that is a disgrace. And it’s a scar. And it sucks. If I could go back I would change it, because people got hurt because of that. I feel so terribly about that. People got hurt because of FTX and it’s a disgrace,” Paffrath said in a Youtube video dated Nov. 22, according to the lawsuit.

"Though FTX paid Defendants handsomely to push its brand and encourage their followers to invest, Defendants did not disclose the nature and scope of their sponsorships and/or endorsement deals, payments and compensation," the lawsuit claims. "This action may be one of the only avenues for any of the victims to recover any of their damages."

Meanwhile, Here's the list of celebrities being sued for promoting FTX:

Tom Brady - NFL
Stephen Curry - NBA
Shaquille O'Neal - NBA
Udonis Haslem - NBA
Trevor Lawrence - NFL
Shohei Ohtani - MLB
David Ortiz - MBL
Naomi Osaka - No. 1 tennis player in singles by the WTA
Larry David - TV producer / Creator of Seinfeld
Kevin O'Leary - Shark Tank personality / Investor
Giselle Bündchen - Brazilian fashion model / 2017's 16th richest woman in the world (Forbes)

The defendants above were named in the suits for "controlled, promoted, assisted in [or] actively participated."

Read more: https://unusualwhales.com/news/ftx-lawsuit-spreads-to-celebrities-that-promoted-the-platform