A federal court in Florida has dismissed most legal claims against high-profile personalities like Tom Brady and Gisele Bündchen who promoted the now-collapsed crypto exchange FTX.
Court Ruling
Judge K. Michael Moore ruled that the plaintiffs did not provide sufficient evidence that these celebrities knew about the fraud occurring within FTX or understood what the former CEO Sam Bankman-Fried was doing when they agreed to promote the platform.
Dismissal of Claims Against YouTube Stars
The court also dismissed nearly all claims against the so-called YouTuber Defendants, who were accused of promoting FTX to millions of followers. The plaintiffs argued that these stars helped build public trust in a platform that turned out to be a scam.
Overall Conclusions
The judge stated that unless someone had inside access to FTX, they could not be held responsible merely for appearing in ads. Moore emphasized that the complaints lacked enough factual evidence to connect these individuals to the fraud.
Thus, typical celebrity endorsements are not sufficient to hold them liable for a company's actions without clear evidence of their conscious involvement in fraudulent schemes.
