Shaquille O’Neal has been sued again over his cryptocurrency promotions, this time in connection to his Astrals Project.
A proposed class action filed in Florida federal court on Tuesday alleges that O’Neal violated securities laws by selling unregistered Astrals tokens. Investor Daniel Harper claims that the former NBA star “should have known of potential concerns about regulatory issues concerning the sale of unregistered crypto securities” but promoted them anyway to further his crypto empire.
O’Neal is one of several celebrity defendants named in a suit against founder Sam Bankman-Fried and stars who endorsed the platform. He appeared in ads for Ftx and has been trying to distance himself from the company by saying in December that he was “just a paid spokesperson.” A dispute has recently emerged in the case over claims that he’s been dodging being served, with lawyers for the investors saying they’ve been...
A proposed class action filed in Florida federal court on Tuesday alleges that O’Neal violated securities laws by selling unregistered Astrals tokens. Investor Daniel Harper claims that the former NBA star “should have known of potential concerns about regulatory issues concerning the sale of unregistered crypto securities” but promoted them anyway to further his crypto empire.
O’Neal is one of several celebrity defendants named in a suit against founder Sam Bankman-Fried and stars who endorsed the platform. He appeared in ads for Ftx and has been trying to distance himself from the company by saying in December that he was “just a paid spokesperson.” A dispute has recently emerged in the case over claims that he’s been dodging being served, with lawyers for the investors saying they’ve been...
- 5/24/2023
- by Winston Cho
- The Hollywood Reporter - Movie News
Eight YouTubers who talked up Ftx before its collapse are being sued.
A $1 billion class action lawsuit filed March 15 in the Southern District of Florida alleges that Graham Stephan, Kevin Paffrath, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong, and Erika Kullberg, as well as talent management firm Creators Agency, “promoted, assisted in, and/or participated in” the sale of “unregistered securities” by Ftx.
“Ftx turned to celebrity and social media endorsers to position itself as the ‘safe’ option among cryptocurrency exchanges,” the suit alleges. “Ftx’s paid endorser program was clearly designed to use the positive reputation associated with specific YouTube and other social network influencers to convince consumers that Ftx was a safe place to buy and sell cryptocurrency.”
The suit further alleges that creators did not adhere closely enough to Federal Trade Commission (FTC) guidelines about disclosing their financial ties to Ftx.
“Though...
A $1 billion class action lawsuit filed March 15 in the Southern District of Florida alleges that Graham Stephan, Kevin Paffrath, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong, and Erika Kullberg, as well as talent management firm Creators Agency, “promoted, assisted in, and/or participated in” the sale of “unregistered securities” by Ftx.
“Ftx turned to celebrity and social media endorsers to position itself as the ‘safe’ option among cryptocurrency exchanges,” the suit alleges. “Ftx’s paid endorser program was clearly designed to use the positive reputation associated with specific YouTube and other social network influencers to convince consumers that Ftx was a safe place to buy and sell cryptocurrency.”
The suit further alleges that creators did not adhere closely enough to Federal Trade Commission (FTC) guidelines about disclosing their financial ties to Ftx.
“Though...
- 3/17/2023
- by James Hale
- Tubefilter.com
Click here to read the full article.
To the uninitiated, the world of cryptocurrency exists on the outskirts of traditional finance. But every once in a while, more people catch a glimpse. This year’s coveted commercial breaks during the Super Bowl fit the bill, as several now-infamous ads featured stars hawking crypto. Larry David appeared in a spot for Ftx, as did Matt Damon and LeBron James in Crypto.com clips.
By showing up in the most premium real estate in all of TV, and partnering with some of Hollywood’s most trusted brand ambassadors, the crypto firms bought themselves an air of credibility on the path toward legitimacy. Or, at least it appeared they were on their way there, until Ftx — one of the world’s top digital currency-exchange platforms that also issues its own token called Ftt — collapsed when customers made a run on the exchange amid a months-long crypto sell-off.
To the uninitiated, the world of cryptocurrency exists on the outskirts of traditional finance. But every once in a while, more people catch a glimpse. This year’s coveted commercial breaks during the Super Bowl fit the bill, as several now-infamous ads featured stars hawking crypto. Larry David appeared in a spot for Ftx, as did Matt Damon and LeBron James in Crypto.com clips.
By showing up in the most premium real estate in all of TV, and partnering with some of Hollywood’s most trusted brand ambassadors, the crypto firms bought themselves an air of credibility on the path toward legitimacy. Or, at least it appeared they were on their way there, until Ftx — one of the world’s top digital currency-exchange platforms that also issues its own token called Ftt — collapsed when customers made a run on the exchange amid a months-long crypto sell-off.
- 12/16/2022
- by Winston Cho
- The Hollywood Reporter - Movie News
A host of Hollywood and sports celebrities including Tom Brady, Gisele Bündchen and Larry David were named as defendants in a class-action lawsuit against cryptocurrency exchange Ftx, arguing that their celebrity status made them culpable for promoting the firm’s failed business model.
Ftx has been in the public eye for more than a week, after the third-largest cryptocurrency exchange ended up with billions of dollars worth of losses and had to seek bankruptcy protection on Friday. The Bahamas-based company and its founder, Sam Bankman-Fried, are under investigation by state and federal authorities for allegedly investing depositors funds in ventures without their approval.
Lawmakers also announced plans to investigate the failure of Ftx, with the House Financial Services Committee saying it plans to hold a hearing on Ftx in December.
Read More: Tom Brady’s Crypto Partner Facing Bankruptcy After Currency Meltdown, Stake In Company Wiped Out
Before its failure,...
Ftx has been in the public eye for more than a week, after the third-largest cryptocurrency exchange ended up with billions of dollars worth of losses and had to seek bankruptcy protection on Friday. The Bahamas-based company and its founder, Sam Bankman-Fried, are under investigation by state and federal authorities for allegedly investing depositors funds in ventures without their approval.
Lawmakers also announced plans to investigate the failure of Ftx, with the House Financial Services Committee saying it plans to hold a hearing on Ftx in December.
Read More: Tom Brady’s Crypto Partner Facing Bankruptcy After Currency Meltdown, Stake In Company Wiped Out
Before its failure,...
- 11/18/2022
- by Etcanadadigital
- ET Canada
“I’m never wrong about this stuff, never,” said a dismissive and scoffing Larry David earlier this year in that now infamous Super Bowl ad for investing in cryptocurrency exchange Ftx.
While the Seinfeld co-creator rejected the wheel, coffee, the U.S. Constitution, electricity, putting a man on the moon and more innovations in the much praised commercial, looks like David might have been right about the now collapsed Ftx, for all the good it’s going to do him.
Along with the likes of Tom Brady, Gisele Bundchen, Stephen Curry and the Golden State Warriors, Shaquille O’Neal, and Naomi Osaka, David is now a defendant in a class action suit against the now hollowed out Ftx and its ex-ceo Sam Bankman-Fried.
“In addition to the conduct of Defendant Sam Bankman-Fried, as described in this Complaint, some of the biggest names in sports and entertainment have either invested in Ftx...
While the Seinfeld co-creator rejected the wheel, coffee, the U.S. Constitution, electricity, putting a man on the moon and more innovations in the much praised commercial, looks like David might have been right about the now collapsed Ftx, for all the good it’s going to do him.
Along with the likes of Tom Brady, Gisele Bundchen, Stephen Curry and the Golden State Warriors, Shaquille O’Neal, and Naomi Osaka, David is now a defendant in a class action suit against the now hollowed out Ftx and its ex-ceo Sam Bankman-Fried.
“In addition to the conduct of Defendant Sam Bankman-Fried, as described in this Complaint, some of the biggest names in sports and entertainment have either invested in Ftx...
- 11/17/2022
- by Dominic Patten
- Deadline Film + TV
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