Did the FTX meltdown expose crypto as a pump & dump fueled by FOMO?

FTX CEO Sam Bankman-Fried has had a horrible November and it just keeps getting worse. Last Tuesday news broke that Bankman-Fried is being sued by his investors for $11 billion (USD) in the U.S. District Court in Miami, along with those that promoted the FTX brand. That list includes a number of high profile celebrities and athletes, including Tom Brady, Larry David, Shaquille O’Neal and Stephen Curry (no!), among others. The proposed class action, which was filed yesterday afternoon, accuses the laundry list of wealthy defendants of promoting unregistered securities, a violation of Florida’s Securities and Investor Protection Act and the Deceptive and Unfair Trade Practices Act.

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Richard Paxton

CEO of the Alacer Group. Sharing the latest news in financial crimes and best practices that enable financial institutions to prevent money laundering.

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