For allegedly promoting cryptocurrency fraud, FTX influencers | Goodcrypto Announcment [old]

For allegedly promoting cryptocurrency fraud, FTX influencers are facing a $1 billion class action lawsuit

A lawsuit has been filed by Edwin Garrison seeking $1B against "FTX influencers" for promoting FTX crypto fraud without disclosing compensation. The suit was filed on March 15, naming 8 YouTubers, a talent management company, and the agency's founder.

The Moskowitz Law Firm represents the seven plaintiffs who "purchased an unregistered security from FTX in the form of a YBA." The defendants are accused of promoting it for the financial benefit of themselves and/or FTX.

The suit claims that the SEC warned in 2017 that if yield-bearing accounts are found to be securities, persons promoting them could be prosecuted for promoting unregistered securities or failing to disclose their payments and compensation.

The suit identifies global and national classes of plaintiffs representing "thousands, if not millions, of consumers globally, to whom FTX offered and/or sold YBAs."

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