FTX influencers are being sued

[riverdip]

A group of influencers associated with the cryptocurrency exchange FTX are being sued in a class-action lawsuit worth $1 billion. The lawsuit alleges that these influencers promoted fraudulent cryptocurrency projects to their followers, causing them to suffer significant losses. The suit also alleges that FTX was complicit in these fraudulent activities, as they allowed the influencers to promote these projects on their platform. The defendants have not yet responded to the lawsuit.

For full article: https://cryptobasket.org/posts/ftx-influencers-are-being-sued-in-a--1-billion-class-action-for-allegedly-promoting-crypto-fraud/

[StarKay]

I don't know why people don't want to take responsibility for their investment decisions, the so called influencers are people that have large followers on social media and sometimes celebrities but that doesn't make them financial advisers. Freedom of speech is guaranteed and I think I am free to talk about any project that I find interesting.

I don't see the lawsuit going anywhere, they should rather direct their anger at FTX management team.

[BIT-BENDER]

I love to see things like this. The crypto-currency Marke/world US now getting filled with greedy people whose only concern is their account balance and their decision are irrational so long it benefits them.

Crypto-currency influencers has really made people lose substantial amounts just because they were promoting a scam or possible scam project as. Potential gem. So it’s right they also fact the hammer for it.

[AmoreJaz]

I love to see things like this. The crypto-currency Marke/world US now getting filled with greedy people whose only concern is their account balance and their decision are irrational so long it benefits them.

Crypto-currency influencers has really made people lose substantial amounts just because they were promoting a scam or possible scam project as. Potential gem. So it’s right they also fact the hammer for it.

this move for sure will make those so-called influencers or popular personalities be selective with crypto projects that they will promote. most are just accepting such endorsements so long they are getting paid even though they don't know what they are promoting for.
if they will see a case pushing thru and these influencers somehow received a final verdict either they need to pay large amount of money or be in jail, they will surely now be meticulous in receiving offers from the crypto market.

[goaldigger]

This could be the biggest lesson to those influencers not to associate themselves to any project and make a disclaimer about this every time they make a video, or else they will face the same faith like FTX. I’m curious about how this thing is going and imagine being sued even if you are not connect to that project at all, let’s see if those influences will also pay by doing such promotions especially if they are also a victim of scam FTX.

[ololajulo]

As reported by some news sources, YouTube "influencers" have been sued for promoting FTX crypto fraud without disclosing compensation. It is important to emphasize the exemption from the compensation in the news, which most sources tend not to mention, which I considered biased and misleading. I think influencers might be having a bad day because a lot of names are mentioned

[cryptomaniac_xxx]

It's two fold though, we as investors have the responsibilities to put our money whenever we want it to be regardless if someone will influence us or not. On the other hand, this influencers don't know if the project like FTX will be successful or not.

So even if they are going to be sued, it might be difficult for the court to proved that they are involved with SBF or anyone from the FTX itself.

Everyone here can shill for the project itself, in my opinion. But let's see how it goes.

[blockman]

That should be done to every influencer that doesn't do their due diligence when advertising a project or a company. We've seen how SEC filed a case and made fined those influencers and celebrities that have advertised the Central ICO scam.
And this should make more of these people in this industry they shouldn't be too confident with the projects that offer them money just for them to be vocal about it and give them some exposure to their community to gather more investors. That's what's happening and it's easy to access to these fraud projects when they can easily place money in the mouth of these influencers but then, these suing will make them more careful.

[Oasisman]

I don't know why people don't want to take responsibility for their investment decisions, the so called influencers are people that have large followers on social media and sometimes celebrities but that doesn't make them financial advisers. Freedom of speech is guaranteed and I think I am free to talk about any project that I find interesting.

I don't see the lawsuit going anywhere, they should rather direct their anger at FTX management team.

Depends, if they have a solid ground to sue these influencers then it will gonna work and these influencers would probably going to have their portions to pay depending on weight of influencing people to engage to FTX. What I am hoping is when the authority successfully sue these influencers and let them pay, is that all the proceeds will be divided into equal amount and disseminated to all the users who lost their funds.
FTX has their own share of responsibility and these influencers do too, as they are considered as accessories of the crime. This will serve as a lesson for all those influencers in the social media who wants to engage into promoting a company.

[Johnyz]

Influencers are not responsible for your own losses since they are just promoting and its up to you if you will follow them or not. Though there are cases if those influencers have any contracts or connected to FTX most probably they are also responsible. The court will find this out and decide if they are indeed guilty of such crime or also a victim, many influencers are just sharing their affiliate links without forcing anyone to follow it.

[wheelz1200]

A group of influencers associated with the cryptocurrency exchange FTX are being sued in a class-action lawsuit worth $1 billion. The lawsuit alleges that these influencers promoted fraudulent cryptocurrency projects to their followers, causing them to suffer significant losses. The suit also alleges that FTX was complicit in these fraudulent activities, as they allowed the influencers to promote these projects on their platform. The defendants have not yet responded to the lawsuit.

For full article: https://cryptobasket.org/posts/ftx-influencers-are-being-sued-in-a--1-billion-class-action-for-allegedly-promoting-crypto-fraud/

I don't see this going too far.  They were likely dupped all the same.  I think they would need to prove they were aware of the projects mishaps and wrong doings which they weren't.  And I'm not playing victim blamer here but who invests theor money into something because theor favorite quarterback is a spokesman for them lol.  That might be the most rediculous thing someone can do with their money.

[BitcoinPanther]

I favored that these influencers that promotes scams and fraud company be sued.  They are getting money out of promoting this fraud company and help in luring people to become a victim of the said scam company.  I hope they are jailed or fined.  Just like what happen to Floyd Mayweather when he promoted the Centra project.

I also hope that this case will be set as an example to all influencers that promoting scam company will have an unfavorable result.

Influencers are not responsible for your own losses since they are just promoting and its up to you if you will follow them or not. Though there are cases if those influencers have any contracts or connected to FTX most probably they are also responsible. The court will find this out and decide if they are indeed guilty of such crime or also a victim, many influencers are just sharing their affiliate links without forcing anyone to follow it.

They are because they intentionally promotes these scam projects for their own benefits.  They made money through referral and other means for this.

[decodx]

I will never understand these types of lawsuits. What are they based on? I mean, FTX is a regulated exchange with all the necessary permits and licenses to operate. If anyone should be sued, it is the institutions that issued them those permits and were supposed to supervise their work.

I'm not defending influencers here. They certainly have their flaws, but it's not reasonable to expect them to predict the future. How could they have known that it would turn out to be a scam? They were likely presented with a convincing pitch and believed that FTX was a legitimate investment opportunity, just like many others in the market.

[serjent05]

I think FTX is a special case wherein influencers shouldn't be blamed because FTX started out as a legit company.  They have their licenses and authorities even recognized them.  FTX leaders are even featured by different popular publishing companies.  So I don't think that influencers promoting FTX should be blamed for the lost of money of investors.

But in case the company is an obvious scam, influencers who promoted it should be held accountable for the losses of people swayed to invest in that scam company.

[Asiska02]

If there are no proven facts that these influencers were aware that they were promoting a possible scam project or a susceptible scam project in the first place, they should not face any legal action for their lack of knowledge about the project. I believe that these influencers are only there to promote a project and be compensated for it; those who want to invest in those projects should do so at their own risk after conducting research on it.

Part of the agreement between the two parties will be for the influencer to send a message to their followers encouraging them to invest in the project; however, they will have no choice but to follow the terms of the client/employer. Most people who are familiar with the cryptocurrency market are aware that influencers are just doing what they’re ask to do, they should always invest at their own risk.