The group of finance gurus are accused of leading viewers into ruin by uncritically praising FTX in exchange for cash.
A prominent group of YouTube financial influencers have become the targets of a class action lawsuit accusing them of leading their viewers into financial ruin by uncritically promoting failed crypto exchange FTX in return for lucrative sponsorship deals.
The suit names well-known YouTube influencers Kevin Paffrath, Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong and Erika Kullberg as defendants. It also includes the Creators Agency, a talent management firm and digital ad network run by Kullberg and her husband, that helped put together the group’s lucrative sponsorship deals with FTX.
Some have claimed to have had six figure deals with FTX in exchange for promoting it. Some of the deals involved the influencer receiving commissions for each customer they sent FTX’s way. Others were paid fees for simply mentioning the service on their broadcasts. While no one has alleged any criminal wrongdoing on the part of the influencers, legal experts say it is possible that those who actively promoted the business could come under scrutiny.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX influencers face $1 Billion class-action lawsuit over alleged crypto fraud promotionThe suit was filed on March 15 in the Southern District of Florida Miami Division.
Read more »
Sam Bankman-Fried wants FTX to prioritize covering his legal billsSam Bankman-Fried wants to use FTX’s director and officer liability insurance to fund his ballooning legal bills.
Read more »
Police take down ChipMixer service tied to stolen crypto from FTX, Axie Infinity hacksAuthorities seized $46 million in cryptocurrency.
Read more »
1 year after $11M LUNC bets; Do Kwon wanted, funds paid, hedge stuck on FTXOne year later, Do Kwon has lost $11 million on the bet, Terra Luna has collapsed, with Kwon currently on the run from authorities in Serbia.
Read more »
FTX transferred $2.2 bln to Bankman-Fried via related entities, new managers sayBankrupt cryptocurrency exchange FTX made transfers of about $2.2 billion to company founder Sam Bankman-Fried through related entities, the company's new management said.
Read more »