NBA champion Golden State Warriors in trouble, sued over FTX collapse
NBA champion Golden State Warriors are sued over FTX collapse
TheGoldenStateWarriorsweresuedon Monday by anFTXcustomer who accused the reigning National Basketball Associationchampions of fraudulently promoting the now-bankrupt cryptocurrency exchange.
Elliott Lam, a Canadian citizen and Hong Kong resident, filed his proposed class-action lawsuit in San Francisco federal court on behalf of "thousands, if not millions" of people outside the UnitedStates who traded onFTX's platform. Other defendants include Sam Bankman-Fried, who foundedFTX, and Caroline Ellison, who led Bankman-Fried's trading firm Alameda Research.
TheWarriorslast December had namedFTXits official cryptocurrency platform, in what it called a first-of-its-kind cryptocurrency partnership in professional sports. Lam accused the defendants of falsely representing thatFTXwas a "viable and safe way to invest in crypto," in order to deceive people into investing there.
The lawsuit seeks damages under California consumer laws for customers outside the UnitedStates withFTXyield-bearing accounts. Lam said he lost $750,000 in his account. AWarriorsspokeswoman said the team does not discuss pending legal matters. Lam's lawyers did not immediately respond to requests for additional comment.
TheWarriorsare also a defendant in a Nov. 16 lawsuit in Miami by U.S.-basedFTXcustomers seeking damages from celebrity endorsers likeWarriorsguard Stephen Curry, quarterback Tom Brady, comedian Larry David and tennis player Naomi Osaka.
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Last week, theWarriorspaused promotions related toFTX, according to published reports. AnotherNBAteam, the Miami Heat, on Nov. 11 said it would drop theFTXname from its arena and seek a new naming sponsor. FTXfiled for Chapter 11 protection on the same day. The Heat is not a defendant in the Miami lawsuit.