NBA Team Sued For Promoting Collapsed Crypto Firm

November 21, 2022 Business, Scandal

The Golden State Warriors were sued on Monday by an FTX customer who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange.

Elliott Lam, a Canadian citizen and Hong Kong resident, filed his proposed class-action lawsuit in San Francisco federal court on behalf of “thousands, if not millions” of people outside the United States who traded on FTX’s platform.

The Warriors last December had named FTX its official cryptocurrency platform, in what it called a first-of-its-kind cryptocurrency partnership in professional sports. Lam accused the defendants of falsely representing that FTX was a “viable and safe way to invest in crypto,” in order to deceive people into investing there.

Read the full article. Lam says he lost $750,000.

NBA champion Golden State Warriors are sued over FTX collapse https://t.co/nkZ2dazBLs pic.twitter.com/JQ2um5mkRG

— CNA (@ChannelNewsAsia) November 21, 2022