FTX investors have filed a new complaint against Major League Baseball and the Mercedes F1 team in addition to a lengthy list of previous lawsuits. They claim that by advertising the exchange’s name and emblem, these organizations are complicit in the exchange’s fraudulent operations.
Investors in FTX Sue Promoters of Crypto Exchanges.
A class action lawsuit was been launched by a group of FTX users against Major League Baseball (MLB) and the Mercedes-AMG Petronas Formula One racing team.
Bloomberg wrote on X (previously Twitter) that “FTX investors suing the cryptocurrency exchange’s celebrity promoters for allegedly helping to facilitate a $11 billion fraud have some new targets, including MLB, Formula 1 racing, and Mercedes-Benz Group AG’s racing team.”
Bloomberg reports that the group filed a lawsuit against the aforementioned companies in a Miami court on November 27, claiming that the MLB and Mercedes F1 had assisted the defunct cryptocurrency exchange in committing fraud that cost the company billions of dollars in lost consumer money.
The addition of FTX.US patches on every MLB umpire outfit, however, was the partnership’s focal point and most significant aspect. The class action complaint filed claimed that the FTX.US patches were the first occasion in MLB’s 1800-year history that a sponsor brand had its insignia appear on umpire uniforms.
Former Supporters Partners Not Left Out
A global cooperation between MLB and FTX.US was announced earlier in June 2021 with the goal of increasing the exchange’s acceptance and exposure. It became the first crypto exchange to formally collaborate with MLB as a result of the partnership. As part of the collaboration, league umpires wore jerseys that prominently featured the FTX emblem.
Additionally, in September 2021, the exchange signed a long-term partnership deal with the Mercedes F1 racing team. The deal had covered the inclusion of FTX promotional materials including logos and its brand name on the cars, driver uniforms, and other facilities owned by Mercedes F1.
Mercedes declared that its sponsorship of the cryptocurrency exchange would be discontinued in the wake of the firm’s 2022 collapse and the fraud case against its founder, Sam Bankman-Fried.
A proposal for an amendment by FTX to restore 90% of the lost client monies from its retrieved assets was made public in October. Notwithstanding this pledge, customers of the exchange have persisted in their unwavering efforts to recoup their losses by suing well-known individuals and companies that had previously supported the phony exchange.
