Wednesday 16 November 2022 07:08 PM FTX founder Sam Bankman-Fried and celebrities who endorsed the platform hit by ... trends now FTX founder Sam Bankman-Fried and celebrities who endorsed failed crypto giant, including Tom Brady and Gisele Bundchen, are hit with class-action lawsuit by investors who say they lost $11 BILLION – as shameless SBF bids to ‘restart’ and raise more cash Suit also names stars including Larry David, Shaquille O’Neal and Steph Curry Case filed in Florida alleges SBF and his backers are 'responsible for the many billions of dollars in damages' following the rapid demise of FTX Bankman-Fried is already subject to several investigations over the firm's demise By Lewis Pennock For Dailymail.Com Published: 19:00 GMT, 16 November 2022 | Updated: 19:02 GMT, 16 November 2022 Viewcomments FTX founder Sam Bankman-Fried and a string of A-list celebrities who backed his failed crypto trading platform have been sued in a class action lawsuit worth $11 billion. The suit filed in Florida names stars including Tom Brady, Gisele Bundchen, Shaquille O’Neal, Steph Curry and Larry David. It claims Bankman-Fried, 30, and the celebrities he recruited to endorse FTX are behind losses to consumers valued at $11 billion. The suit, filed by class action attorney Adam Moskowitz, alleges they are collectively 'responsible for the many billions of dollars in damages they caused Plaintiff'. Bankman-Fried is already subject to several investigations over the firm's collapse. Bankman Fried and several of his celebrity backers are being sued in a class action lawsuit which claims the collapse of FTX has cost consumers $11 billion Tom Brady and now ex-wife Gisele Bundchen struck an equity deal with FTX last year. They're named in a class action lawsuit which alleges the firm's collapse has cost consumers $11 billion Naomi Osaka took an equity stake with the popular crypto exchange in March of this year The list of names in the filing includes: 'Sam Bankman-Fried, Tom Brady, Gisele Bundchen, Stephen Curry, Golden State Warriors, Shaquille O’Neal, Udonis Haslem, David Ortiz, William Trevor Lawrence, Shohei Ohtani, Naomi Osaka, Lawrence Gene David, and Kevin O’Leary.' They are described as 'parties who either controlled, promoted, assisted in, and actively participated in' FTX's operations. The suit adds: 'The Deceptive and failed FTX Platform was based upon false representations and deceptive conduct. 'Although many incriminating FTX emails and texts have already been destroyed, we located them and they evidence how FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments. Steph Curry inked a partnership with FTX in September 2021, though details were undisclosed Larry David, who appeared in a a Super Bowl ad for FTX, is also named in the lawsuit 'As a result, American consumers collectively sustained over $11 billion dollars in damages.' The suit was filed as Bankman-Fried continued his desperate attempts to save his empire. In a series of tweets on Wednesday, he said: 'A few weeks ago, FTX was handling ~$10b/day of volume and billions of transfers. 'But there was too much leverage--more than I realized. A run on the bank and market crash exhausted liquidity. 'So what can I try to do? Raise liquidity, make customers whole, and restart. 'Maybe I'll fail. Maybe I won't get anything more for customers than what's already there. 'I've certainly failed before. You all know that now, all too well. 'But all I can do is to try. I've failed enough for the month. 'And part of me thinks I might get somewhere.' Timeline of the rapid rise and swift downfall of crypto exchange FTX Cryptocurrency exchange FTX has collapsed. Here is a history of FTX since its foundation in 2019: 2019: May - Former Wall Street trader Sam Bankman-Fried and ex-Google employee Gary Wang founded FTX, the owner and operator of FTX.COM cryptocurrency exchange. 2020: August - FTX acquired mobile portfolio tracking application, Blockfolio for $150 million. 2021: July - A $900 million funding round valued FTX at $18 billion. September - FTX signed a sponsorship deal with Mercedes' Formula 1 team. October - FTX raised capital at a valuation of $25 billion from investors including Singapore's Temasek and Tiger Global. 2022: Jan. 27 - FTX's U.S. arm said it was valued at $8 billion after raising $400 million in its first funding round from investors including SoftBank and Temasek. Jan. 31 - FTX raised $400 million from investors including SoftBank at a valuation of $32 billion. Feb. 13 - Larry David stars in Super Bowl commercial for FTX June 4 - FTX signed a reportedly $135 million sponsorship deal for naming rights of the Miami Heat's home court. July 1 - FTX signed a deal with an option to buy embattled crypto lender BlockFi for up to $240 million. July 22 - FTX offered a partial bailout of bankrupt crypto lender Voyager Digital. Voyager called it a 'low-ball bid'. July 29 - FTX said it won full approval to operate its exchange and clearing house in Dubai. Aug. 19 - A U.S. bank regulator ordered crypto exchange FTX to halt 'false and misleading' claims it had made about whether funds at the company are insured by the government. Sept. 9 - FTX's venture capital fund said it would buy a 30% stake in SkyBridge Capital. Nov. 2 - Crypto news website CoinDesk reported a leaked balance sheet that showed Alameda Research, Bankman-Fried's crypto trading firm, was heavily dependent on FTX's native token, FTT. Nov. 6 - Binance CEO Changpeng Zhao said his firm would liquidate its holdings of FTT due to unspecified 'recent revelations'. Nov. 7 - Bankman-Fried said 'FTX is fine. Assets are fine'. Nov. 8 - FTT collapses by 72% as clients swamp the exchange with withdrawal requests. Binance offers a potential bailout in a non-binding deal. Nov. 9 - Binance backs out of the rescue plan, saying: 'As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.' Nov. 11 - Bankman-Fried resigns as CEO and FTX files for Chapter 11 bankruptcy Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility