A federal judge in Florida has tossed out the bulk of allegations targeting celebrities and social media influencers who endorsed the failed cryptocurrency exchange FTX.
What Happened: Among those cleared of most claims are NFL legend Tom Brady, supermodel Gisele Bündchen, investor Kevin O'Leary, and NBA star Stephen Curry, CNBC reported.
The ruling significantly limits a wide-ranging lawsuit filed by FTX investors, who alleged that the stars misled the public by promoting the platform without disclosing multimillion-dollar endorsement deals.
FTX collapsed in November 2022, evaporating billions in customer funds and prompting global investigations into its founder, Sam Bankman-Fried, who was later convicted of fraud.
Also Read: Bitcoin Is No Longer Just Digital Gold — Native Staking, Yield Are Redefining Its Role, Says Core DAO
In the decision filed Wednesday, U.S. District Judge K. Michael Moore found that the plaintiffs had not shown that the so-called "Celebrity Defendants" had adequate knowledge of FTX’s alleged misconduct to justify legal liability.
The judge also dismissed most claims against several YouTube influencers who were named in the lawsuit for promoting FTX via their channels.
These influencers, dubbed the "YouTuber Defendants," were similarly accused of failing to disclose financial ties to the exchange.
The decision deals a blow to investor efforts to hold endorsers accountable for the platform's downfall, which centered on accusations of promoting unregistered securities and engaging in deceptive marketing.
Read Next:
- Bitcoin Eyes $100,000, Experts Assert, But Will The Federal Reserve Play Ball?
Image: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.