The Mercedes F1 team and Major League Baseball (MLB) are accused of facilitating fraud through promotional transactions involving the FTX cryptocurrency, according to a new lawsuit filed by an FTX user group.
According to media reports, on November 27, plaintiffs filed two class action lawsuits in Florida state court alleging that the companies “aided and abetted FTX Group’s massive multi-billion dollar global fraud.” , and/or actively participated in the promotion of unregistered securities. cointelegraph.
Mercedes entered into a partnership with FTX in 2021, with the cryptocurrency logo appearing on car livery and team overalls. The deal was announced at a time when several F1 teams were signing deals with crypto companies.
That same year, MLB signed a similar agreement, making it the first professional sports league to have its referees wear the FTX logo on their uniforms.
The filing of the collective complaint states: “However, the centerpiece and most important feature of this partnership was the inclusion of the FTX.US patch on all MLB umpire uniforms. , marking the first time that a sponsor brand’s logo has appeared on a referee’s uniform.
A similar complaint was filed against Mercedes, saying the FTX logo was visible in prominent locations on the team’s cars, merchandise and marketing.
Several big names have been criticized.
The same FTX user group is suing a list of celebrities who promoted the exchange, including former athletes Shaquille O’Neal and Tom Brady, on similar charges for promoting unregistered securities. Soccer player Cristiano Ronaldo is also said to have been sued. OE24 I will report.
Many of the celebrities named in the lawsuit have tried to have their charges dropped, claiming that FTX did not encourage deposits, and at least three have settled their lawsuits.
A little more than a year after the deal was signed, MLB ended its five-year promotional agreement with FTX after FTX filed for bankruptcy in November 2022. Mercedes F1 similarly ended its contract with FTX in the same year, removing the logo from its vehicles and products.
FTX founder and former CEO Sam Bankman Fried was convicted a year ago on seven counts of fraud, conspiracy and money laundering.
