– Larry David stars in Super Bowl ad for FTX, a cryptocurrency exchange
– FTX later files for bankruptcy
– Former CEO Sam Bankman-Fried found guilty of defrauding customers, lenders, and investors
– Larry David, Tom Brady, and Steph Curry face lawsuit for promoting FTX
– David consulted friends before participating in the FTX ad
– FTX involved in sale of unregistered securities
– FTX to pay creditors and return funds to customers
– Company has abandoned and decided to liquidate all assets
Title: Larry David Regrets Super Bowl FTX Ad
1. Larry David’s Regret
Larry David expressed regret for starring in a Super Bowl commercial for the now-bankrupt cryptocurrency exchange FTX. Despite seeking advice from knowledgeable friends, he admitted to feeling foolish for participating in the advertisement.
2. Fallout from FTX Ad
The aftermath of the FTX ad revealed a darker side as FTX’s former CEO, Sam Bankman-Fried, was found guilty of defrauding customers, lenders, and investors. The exchange has subsequently filed for bankruptcy, leading to a lawsuit against celebrities who promoted FTX, including Larry David, Tom Brady, and Steph Curry.
3. Celebrity Involvement
Larry David consulted friends who were well-versed in the industry before agreeing to participate in the FTX ad. However, the subsequent revelation of FTX’s fraudulent activities added a bitter twist to the tale, leading to a class action lawsuit against David and other celebrities who endorsed the platform.
4. Financial Impact and Lawsuit
As a consequence of their involvement with FTX, David and other celebrities are facing a class action lawsuit claiming that they misled customers and engaged in deceptive practices to sell FTX yield-bearing digital currency accounts. David acknowledged significant financial losses and expressed willingness to be part of the lawsuit.
5. FTX Bankruptcy Proceedings
FTX has been negotiating with potential bidders and investors but has chosen to abandon the platform and liquidate all assets, returning funds to customers. The company sought approval for a process to ascertain the amounts owed to each creditor and customer, with the size of each claim to be determined based on what the customer or creditor was owed on the day FTX filed for bankruptcy.
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