Star athletes face lawsuits over crypto endorsements gone bust

Nearly a dozen athletes, teams, leagues and sports figures are named in lawsuits tied to their endorsement of collapsed crypto companies like FTX, Voyager Digital, and Binance.

Plaintiffs allege the defendants are responsible for investor losses because they promoted cryptocurrencies without disclosing compensation or that they were unregistered securities.

Defendants like Tom Brady, Mark Cuban, and Cristiano Ronaldo argue promotions were just endorsements, not securities sales, and they shouldn't be liable.

If plaintiffs prevail, defendants could face millions or billions in damages for violating securities law on touting investments.

The cases' outcomes could depend on whether cryptocurrencies are deemed securities and if promotion rules apply, issues currently debated.