In addition to a long list of court filings, FTX investors have filed a new lawsuit against the Mercedes F1 team and Major League Baseball, accusing them of aiding the exchange’s fraud schemes by promoting the exchange’s brand and logo.
FTX Investors Sue Crypto Exchange Promoters
A group of FTX users recently filed a twin class action lawsuit against the Mercedes-AMG Petronas Formula One racing team and Major League Baseball (MLB).
“FTX investors suing the cryptocurrency exchange’s celebrity promoters for allegedly helping to facilitate an $11 billion fraud have some new targets, including MLB, Formula 1 racing, and Mercedes-Benz Group AG’s racing team,” Bloomberg stated in an X (formerly Twitter) post.
According to Bloomberg, the group had sued the aforementioned parties in a Miami court on November 27, alleging that the Mercedes F1 and MLB had helped the failed crypto exchange to commit fraud that resulted in the loss of billions of dollars in customer funds.
“The centerpiece, and most important feature, of the partnership, however, was the inclusion of FTX.US patches on all MLB umpire uniforms. The FTX.US patches marked the first time in the history of MLB, which dates back to the 1800s, that a sponsor brand has had its logo appear on umpire uniforms,” the class complaint filing stated.
Former Supporters Partners Not Left Out
Earlier in June 2021, FTX.US had announced a global partnership with MLB aimed at boosting the exchange’s awareness and adoption. The collaboration made it the first crypto exchange to officially partner with MLB. The alliance also saw umpires in the league wear uniforms boldly displaying the FTX logo.
Additionally, in September 2021, the exchange signed a long-term partnership deal with the Mercedes F1 racing team. The deal had covered the inclusion of FTX promotional materials including logos and its brand name on the cars, driver uniforms, and other facilities owned by Mercedes F1.
Following the collapse of the crypto exchange in 2022, and Founder Sam Bankman-Fried’s fraud case, Mercedes announced the suspension of its sponsorship with the exchange.
In October, FTX announced an amendment proposal to return 90% of the missing customer funds from its recovered assets. Despite this commitment, the exchange’s users have continued in their relentless pursuit to recover all damages through lawsuits against celebrities and renowned brands who had previously endorsed the fraudulent exchange.
