In a recent development, Major League Baseball and Mercedes-AMG Petronas Formula One Team, alongside two advertising agencies Wasserman Media Group and Dentsu McGarry Bowen, have been hit with lawsuits for promoting the now-defunct cryptocurrency exchange FTX. The lawsuits, filed by investors on Monday, indicate an ongoing search for responsibility following the collapse of FTX, which is estimated to have inflicted $11 billion in damages.
FTX, now in bankruptcy, joins an increasing list of failed cryptocurrencies leaving investors and stakeholder scrambling for liability. The suing parties in these new suits have targeted what their lawyer, Adam Moskowitz, referred to as “deep pockets”; an indication of an convoluted task to recoup lost investments in a volatile and unpredictable cryptocurrency market.
As far as the implications of these suits on the named parties, Major League Baseball, Mercedes-AMG Petronas Formula One Team, Wasserman Media Group, and Dentsu McGarry Bowen are yet to forward their public replies concerning the matter.
For further details on the filed lawsuits and the individuals involved, you may refer to coverage provided by Law.com.