MLB, F1, and Ronaldo Among New Lawsuit Targets Seeking Billions for Promoting Failed Crypto Exchange FTX
β MLB, Formula 1, Mercedes-Benz, and soccer star Cristiano Ronaldo are new targets in lawsuits seeking billions over promotions of failed crypto exchange FTX.
β The suits allege these high-profile entities and individuals unlawfully touted FTX and Binance accounts, misleading consumers.
β Recent court rulings now hold promoters liable for losses even if promotions were on internet platforms versus direct contact.
β Estimated $11 billion in losses for FTX investors and possibly more from Binance form basis of damages sought.
β Lawsuits brought on behalf of victims may represent the best chance at recovering significant portion of lost investments.