The reigning NBA champions paused all FTX-related promotions last week.
The Golden State Warriors were named in a lawsuit Monday alleging the bankrupt cryptocurrency exchange FTX used the reigning NBA champions to fraudulently promote its platform, as more sport enterprises continue to distance themselves after FTX’s recent collapse.Key Facts
Elliott Lam, a Canadian citizen and Hong Kong resident, sued the Warriors, FTX founder Sam Bankman-Fried and Alameda Research CEO Caroline Ellison in San Francisco. Lam claims he lost $750,000 in his FTX account after using the now-bankrupt cryptocurrency exchange and is seeking damages in the proposed class-action suit for anyone with a FTX yield-bearing account located outside of the U.S.
Lam alleges the Warriors, Bankman-Fried and Ellison promoted FTX as a “viable and safe way to invest in crypto” and “reasonably should have known that all these claims … were untrue or misleading.”
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