• FTX Investor Files $1 Billion Lawsuit: Private investor Edwin Garrison filed a class action lawsuit against Sam Bankman-Fried, CEO of FTX and YouTube influencers including Ben Armstrong for promoting a fraudulent cryptocurrency exchange.
• BitBoy Crypto Harassing Attorney: Ben Armstrong is facing new legal troubles after allegedly harassing one of the plaintiff’s attorneys with phone calls, tweets, and emails.
• Celebrities Involved Too: Garrison also filed lawsuits against celebrities like Shaquille O’Neal, Kevin O’Leary, and Tom Brady for not disclosing their sponsorship and compensation related to promoting the product.
FTX Investor Files $1 Billion Lawsuit
Private investor Edwin Garrison filed a class action lawsuit against Sam Bankman-Fried, CEO of FTX and several popular YouTube influencers including Ben Armstrong for promoting a fraudulent cryptocurrency exchange. He believes they should be held accountable for their actions as content creators, influencers, and celebrities must disclose that they are being paid to promote a product according to Federal Trade Commission (FTC) guidelines. Furthermore, celebrities like Tom Brady and Kevin O’Leary were reportedly paid millions but did not disclose their sponsorship or due diligence on the product they were paid to promote which led to the $1 billion lawsuit.
BitBoy Crypto Harassing Attorney
Ben Armstrong is now facing new legal troubles after allegedly harassing one of the plaintiff’s attorneys with phone calls, tweets, and emails both privately and publicly. Adam Moskowitz who is leading the class action lawsuit has filed with the court saying that after the initial lawsuit was filed earlier last week Armstrong has been continuously harassing him using an anonymous number with threats as well as vulgar language in 21 transcribed calls made so far.
Celebrities Involved Too
Garrison also launched lawsuits against celebrities such as Shaquille O’Neal, Kevin O’Leary, Tom Brady among others citing FTC guidelines which states that content creators must disclose when they are being paid to promote something. It was reported that these celebrities were paid millions but did not disclose their sponsorship or due diligence on what they were promoting which led to this class action suit against them too.
Federal Trade Commission (FTC) Guidelines
The Federal Trade Commission (FTC) guidelines state that content creators must disclose when they are being paid to promote something or endorse a product in order to prevent any kind of fraud or misrepresentation from taking place in regards to advertising practices which can lead consumers into investing without knowing all of their options fully aware which leads us back to this case where these defendants failed to adhere by these rules leading them into this situation today.
Conclusion
This case serves as an example for what happens when you fail abide by regulations set out by authorities when it comes down marketing products online especially cryptocurrencies since its still quite an unknown asset class where investors may feel confused about how things work resulting in unfortunate experiences like this case involving FTX investors losing money due to lack of knowledge regarding crypto investments