F1: Corrupt FTX collapse implicates other big-name athletes, Mercedes F1 was victim

A consortium of investors has sued the founder of FTX — along with several high-profile athletes who promoted the cryptocurrency exchange — alleging they took “advantage of unsophisticated investors from across the country.”

Included in the class-action suit are FTX founder Sam Bankman-Fried, in addition to seven-time Super Bowl champ Tom Brady, NBA superstar Steph Curry, and NBA legend Shaquille O’Neal.

Dig Democrat donor Sam Bankman-Fried (known as SBF) is implicated in the biggest democrat money laundering scheme, perhaps, in USA history. Supposedly democrat President Joe Biden was sending USA taxpayer dollars to Ukraine as part of the war effort who in turn were sending kickbacks using FTX’s tokens back to democrat politicians in the USA to help them win midterm elections. In one interview, he bragged that he was going to give $1 billion to democrats. He is even alleged to have stolen investor’s crypto, kept some for himself and gave much to democrats. This is all alleged, but the fact SBF flew he and his family to Argentina on his private jet to avoid being arrested by USA authorities gives much credence to the story.

The suit alleges the defendants “made numerous misrepresentations” about FTX.
It claims U.S. consumers collectively sustained more than $11 billion in damages.
The Golden State Warriors were also included in the complaint.

Last week, FTX — along with West Realm Shires Services Inc., Alameda Research Ltd., and roughly 130 affiliated companies — filed for bankruptcy.

As recently as January, FTX had raised $400 million in a Series C funding round, valuing the company at $32 billion.

Related: Strike CEO Jack Mallers rips Sam Bankman-Fried

Free Fall

FTX’s bankruptcy has led to the demise of several sports-related deals.

The Miami Heat and Miami-Dade County ended its 19-year, $135 million naming rights deal secured in March 2021. FTX had paid Miami-Dade County $20 million to date, and its contract with the team and county requires the exchange to pay $16.5 million if it faces an “insolvency event.”

The Mercedes-AMG Petronas Formula 1 team suspended its deal with FTX, and esports organization TSM — the most valuable esports company in 2022 at $540 million — has also decided to suspend its 10-year, $210 million naming rights deal with FTX.