The Florida Federal Judge has led most of the legal requirements against high-level celebrities and Youtubers who helped to promote the collapsed cryptocurrency FTX, according to Wednesday's judgment.
The decision allows people such as Tom Brady, Gisele Bündchen, Steph Curry and Kevin O'Leary's hook in a case accusing them of promoting them from a company that stole billions of customers before its accident in November 2022.
Judge K. Michael Moore decided that investors behind the case did not give enough evidence that these celebrities actually knew the FTX fraud or understood what former CEO Sam Bankman-Fried did when they agreed to promote the platform.
Huge amounts were paid to celebrities and campaigns, but did not talk about these payments to the public. Still a court said This was not enough to confirm their legal responsibility.
Judge says that FTX confirmations do not equalize responsibility
In his order, Michael Moore wrote that the plaintiffs could not show that Brady, Gisele, Curry or O'Learyl had “real knowledge” behind the crash behind the scenes.
The court also rejected almost all of the so-called Youtuber defendants accused of using millions of followers to promote FTX.
The lawsuit was part of a huge number of litigation that associated a number of celebrity and influencers with the collapse of the company.
The plaintiffs said the stars helped to create public confidence in a platform that turned out to be a scam. They accused the promoters of pushing unregistered securities and violating advertising laws because they did not disclose their transactions. But the judge did not buy it.
Michael Moore made it clear that if no one was inside the FTX and there was no real access to what Sam Bankman-Fried did, they could not only be responsible for the appearance of ads. He said the complaints did not show enough facts to unite these people with fraud.
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