Mercedes-Benz Formula One team and Major League Baseball helped FTX perpetrate fraud through promotional deals with the crypto exchange, according to a group of FTX users in a new lawsuit.<\/p>\n
The plaintiffs, consisting of FTX users, filed twin class-action suits in a Florida District Court on Nov. 27, accusing the firms of \u201caiding and abetting and\/or actively participating in the FTX Group\u2019s massive, multibillion-dollar global fraud\u201d and promoting unregistered securities.<\/p>\n
In 2021, the Mercedes F1 team signed a promotional deal with FTX which saw the exchange\u2019s logo emblazoned on cars, uniforms, hats and other materials. The MLB signed a similar deal that same year \u2014 the first pro sports league to do so \u2014 which saw umpires don FTX\u2019s logo on their uniforms. <\/p>\n
\u201cThe centerpiece, and most important feature, of the partnership, however, was the inclusion of FTX.US patches on all MLB umpire uniforms,\u201d wrote the class complaint filing. \u201cThe 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.\u201d<\/p>\n
The complaint against Mercedes F1 was similar, saying the team showcased FTX\u2019s logo in prominent locations on its cars, merchandise and marketing.<\/p>\n
FTX also \u201cregularly cheered on and congratulated\u201d Mercedes F1 and its drivers, which the lawsuit said created a \u201cveneer of trustworthiness with Mercedes F1 fans.\u201d<\/p>\n
\u201cThis ploy would not have been as effective were it not for Mercedes F1\u2019s parallel promotions of FTX,\u201d the complaint said.<\/p>\n
The same group of FTX users is also still suing a list of celebrities who promoted the exchange, including former sports stars Shaquille O\u2019Neal and Tom Brady, citing similar allegations of promoting unregistered securities.<\/p>\n
Many celebrities named in the lawsuits have attempted to have the suit against them dismissed, saying they didn\u2019t encourage depositing money onto FTX. At least three \u2014 professional American footballer Trevor Lawrence and YouTubers Kevin Paffrath and Tom Nash \u2014 have settled their lawsuits.<\/p>\n