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FTX influencers face $1b fraud lawsuit over crypto promotion

ftx-influencers-face-1b-fraud-lawsuit-over-crypto-promotion
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FTX influencers face $1b fraud lawsuit over crypto promotion

The Moskowitz Law Firm represents the plaintiffs in a class-action lawsuit led by Edwin Garrison against “FTX influencers,” mainly operating on YouTube. 

The lawsuit alleges that these influencers promoted FTX crypto fraud without disclosing compensation and seeks $1 billion in damages.

The lawsuit was filed on March 15 in the Miami division of the southern district of Florida, and the respondents named in the suit include Kevin Paffrath, Jeremy Lefebvre, Tom Nash, Andrei Jikh, Jaspreet Singh, Brian Jung, Ben Armstrong, Erika Kullberg, Graham Stephan, and Creators Agency LLC.

According to the law firm, the suit is a merger of multiple class action suits. The first FTX-related class action was filed in the country by Edwin Garrison on Nov. 15, 2022, and is being led by him. The suit targets “FTX influencers,” who are mostly active on the YouTube platform.

FTX case consolidation: Miami

A formal request had been made to the multi-district litigation panel to consolidate all ongoing and future federal FTX cases to be heard in Miami, Florida. The potential class damages in this case could exceed $5 billion.

In addition, the choice of Miami as the venue for this litigation was based on several factors. FTX was headquartered in Miami, which made it a natural location for this lawsuit.

Additionally, a significant number of FTX brand ambassadors resided in Florida, which further strengthened Miami’s position as an appropriate venue for this case.

Furthermore, Florida law can be used to represent all investors who have been impacted by this case, which added further weight to the argument for consolidation in Miami.

Over the past six months, the parties involved have been working diligently to organize and synchronize the state and federal court. FTX has consolidated actions before Hon. Michael Hanzman in Florida state court and federal judge Moore and chief fudge Altonaga in Florida federal court.

The primary objective of the parties involved was reported to be to simplify the litigation process, streamline resources, and secure the best possible outcome for all affected investors involved in the FTX case.