Naomi Osaka dragged in an $11 billion lawsuit for promoting FTX following the cryptocurrency’s massive crash
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Naomi Osaka
Naomi Osaka, the 4-time Grand Slam champion, suffered massive losses when cryptocurrency FTX fell massively in the market. FTX CEO Sam Bankman-Fried has already resigned from his position and filed for bankruptcy in hopes of recovering some funds after the company suffered nearly 70% losses.
Alongside Osaka, Tom Brady, Stephen Curry, Shaquille O’Neal, Larry David and the entire franchise of the NBA team Golden State Warriors (GSW) are some of the top stars in partnership with FTX and suffered losses. The GSW has followed the suit of fellow NBA team Miami Heat and has cut ties with FTX immediately.
While the teams and athletes are still coping with the losses, they have been handed another massive setback. Along with Osaka, the ambassadors of FTX have been named in the class action lawsuit filed by investors for a whopping $11 billion.
“In exchange for an equity stake in FTX and payments in unspecified amounts of cryptocurrency, Osaka directed and produced content in association with the FTX Entities designed to promote the offer and sale of the unregistered YBA securities, hoping ‘she will reach a global audience,” reads the lawsuit.
The lawsuit also accuses the global stars by stating, “The Deceptive and failed FTX Platform was based upon false representations and deceptive conduct,” which was endorsed by them.
Naomi Osaka yet to comment on the FTX situation
Osaka signed the deal with FTX in March this year. She was given equity stocks and her massive fan following, particularly in Asia, was going to be used to attract more people toward the cryptocurrency. Her deal also included ‘content creation’ in it with particular emphasis on reaching out to women.
Ever since the whole debacle of FTX took place, Osaka has remained silent on the entire situation. She has not even addressed the issue or whether she will respect her ‘long-term deal’ and continue with FTX or she will be cutting ties following the company’s humongous losses.
With Osaka out of action, it has just helped her cause as the press would have certainly questioned her had she been active during the WTA Finals or the recently concluded BJK Cup Finals. Osaka last played at the Japan Open in Tokyo where she had to hand a walkover due to an injury concern that eventually ended her season with merely 23 matches this year for a 14-9 record this year.
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Sarthak Shitole
(3462 Articles Published)