Tom Brady and Larry David among celebrities named in lawsuit against failed crypto exchange FTX
Celebrities including NFL star Tom Brady and comedian Larry David have been named in a class-action lawsuit against cryptocurrency exchange FTX, accusing them of being culpable for promoting the failed firm.
FTX, one of the world’s biggest cryptocurrency exchanges, went bankrupt last week – a staggering reversal of fortune for a firm once valued at $32bn.
The Bahamas-based company and its founder, Sam Bankman-Fried, are under investigation by state and federal authorities for allegedly investing depositors’ funds in ventures without their approval.
Before it went under, FTX was known to use high-profile figures to promote its products.
It also had the naming rights to a Formula One racing team, as well as a sports arena in Miami.
Its adverts featured Seinfeld creator David, as well as Brady, the star quarterback of the Tampa Bay Buccaneers, basketball players Shaquille O’Neal and Stephen Curry, and tennis star Naomi Osaka.
The lawsuit, filed late on Tuesday, alleged these stars brought instant credibility to the platform, and are therefore just as culpable as Mr Bankman-Fried.
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The FTX Arena. Pic: AP
Celebrities kept ‘scheme afloat’
It is not the first time a celebrity has fallen foul of cryptocurrency promotion. In October, Kim Kardashian agreed to pay $1.26m (£1.12m) to settle charges over a post on her Instagram.
The reality TV star failed to disclose she was paid $250,000 (£220,000) for promoting a cryptocurrency asset on her feed.
“Part of the scheme employed by the FTX Entities involved utilising some of the biggest names in sports and entertainment – like these defendants – to raise funds and drive American consumers to invest … pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” the lawsuit said.
Class-action lawyer Adam Moskowitz filed the lawsuit in the southern district of Florida.
Mr Moskowitz is the lawyer representing the victims in the collapse of a residential tower in the state.
Sam Bankman-Fried, 30, the founder of FTX
‘Very serious allegations’
The crisis has raised further questions about the regulation of cryptocurrencies and other digital assets.
The US House of Representatives Financial Services Committee said it expects to hear from Mr Bankman-Fried, who now faces potential civil and criminal charges.
“The fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds,” committee chairperson Maxine Waters said.
Singapore’s finance minister and deputy prime minister said the collapse of the FTX exchange has “very serious allegations that amount to potential fraud”.
Lawrence Wong said recent developments in the crypto market reinforced the city-state’s position that they were “on the right track” in focusing on digital assets innovation, but also taking a strong stance against crypto speculation and trading by retail investors.
Bitcoin and other cryptocurrencies took a battering as FTX teetered on the brink of insolvency.
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Taylor Swift has revealed the release date for her new album, The Life Of A Showgirl.
The pop megastar announced her 12th studio album earlier this week but didn’t give many details.
Now, in social media posts and an appearance on boyfriend Travis Kelce’s sports podcast, Swift revealed just what fans can expect from the new album.
Taylor Swift and boyfriend Travis Kelce on the New Heights podcast. Pic: New Heights
The Life of Showgirl, written during the European leg of her record-breaking Eras tour, will be released on 3 October.
It consists of 12 songs, including the title track that features pop star Sabrina Carpenter.
The full track list is:
1. The Fate Of Ophelia
2. Elizabeth Taylor
3. Opalite
4. Father Figure
5. Eldest Daughter
6. Ruin The Friendship
7. Actually Romantic
8. Wi$h Li$t
9. Wood
10. Cancelled!
11. Honey
12. The Life Of A Showgirl (featuring Sabrina Carpenter)
Long-time collaborators Max Martin and Shellback, two Swedish producers who worked with Swift on some of her biggest hits, joined the pop star for this album.
Within four hours of posting the full podcast episode on YouTube, it had already gathered 4.7m views.
The cover of Taylor Swift’s newly announced album. Pic: Republic Records
The back cover of Taylor Swift’s 12th studio album The Life Of A Showgirl. Pic: Republic Records
‘The hardest-working star in pop’
The album follows last year’s The Tortured Poets Department, which was released during the Eras tour.
That tour, with shows on five continents and in 51 cities, raked in more than $2.2bn (£1.62bn) and was the highest-grossing tour of all time.
Read more about Taylor Swift:
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“This album is about what was going on behind the scenes in my inner life during this tour, which was so exuberant and electric and vibrant,” Swift said during her podcast appearance.
Sky News culture and entertainment reporter Gemma Peplow said after her globe-trotting tour and a swathe of re-releases over recent years, the new album cemented Swift’s reputation “as the hardest-working star in pop”.
Disgraced US film producer Harvey Weinstein is to be tried for a third time in a sexual assault case.
A jury in New York could not reach a verdict in June against the 73-year-old who was accused of raping actress Jessica Mann, and a mistrial was declared.
Judge Curtis Farber has said he wants the new trial to happen before the end of this year.
The same jury found Weinstein guilty in June of sexually assaulting former Project Runway production assistant Miriam Haley in 2006 and not guilty of assaulting Polish former runway model Kaja Sokola the same year.
Weinstein will be sentenced for the guilty verdict in Ms Haley’s case on 30 September.
He denied all of the charges. Throughout the retrial, his lawyers insisted the sexual encounters with his three accusers were “transactional” and “consensual,” and labelled the women as opportunists.
Weinstein was originally convicted of rape and criminal sexual act by the same court in 2020 and sentenced to 23 years in prison for the crimes.
Last year, however, New York’s highest court overturned the conviction, prompting Weinstein’s retrial this summer.
Weinstein was once one of the most powerful people in Hollywood – the co-founder of film and television production companies Miramax and The Weinstein Company, who produced films such as the Oscar-winning Shakespeare In Love, Pulp Fiction, and The Crying Game.
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In 2017, a series of sexual misconduct allegations against him propelled the #MeToo movement.
Some of those accusations later led to criminal charges and his convictions in New York and California.
Before the retrial, Weinstein was also serving a 16-year prison sentence after being found guilty of rape in California in December 2022. He has also denied this charge.
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