The Golden State Warriors are being sued by a former customer of FTX, who accused the NBA franchise of fraudulently promoting the now-collapsed crypto exchange, Reuters reported.
Golden State Warriors have been hit by lawsuit over FTX’s alleged false advertising
11/23/2022
Elliott Lam, a Canadian resident of Hong Kong, filed a lawsuit against the team in a San Fransisco federal court on Monday. According to a copy of the lawsuit obtained by Insider, Lam is reportedly seeking $5 million in damages as part of a class-action settlement for "thousands, if not millions, of consumers internationally" that he claimed had been scammed by FTX.
A number of other parties were also reportedly named in the lawsuit, including the founder of FTX, Sam Bankman-Fried, and Caroline Ellison, the head of Bankman-Fried's trading firm.
In the aftermath of FTX's collapse, significant scrutiny has been placed on endorsements of the exchange from celebrities and brands alike. This includes the Warriors, who partnered with FTX this past December to make them the team's official cryptocurrency platform in a deal reported by CNBC to be worth $10 million.
Lam, who claims to have lost $750,000 through FTX, accused the defendants, including the Warriors, of falsely promoting FTX as a "viable and safe way to invest in crypto."
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