Crypto Users Want to Settle Class-Action Suit with Ex-FTX CEO SBF in Florida

Some former FTX customers seeking out a deal with the ex-CEO of FTX, Sam Bankman-Fried, in a lawsuit they filed together in Florida.  

As we know Sam Bankman-Fried (SBF) is a co-founder & former CEO of the FTX crypto exchange and recently has been sentenced to jail for 25 years, over misuse of his role in the bankruptcy of the FTX crypto empire. 

Just a couple of days ago, the plaintiffs who sued FTX influencers in 2022 declared that they had settled with SBF. 

As per filing details, the plaintiffs recognized the expense and length of proceedings should they continue to pursue a judgment against SBF, instead opting to use some of the evidence presented at his criminal trial to continue their case against FTX promoters, who are living their life freely while they were big contributor behind the downfall of the FTX crypto empire. 

With this decision, plaintiffs believe it will be valuable to Class Representatives’ cases against other defendants in the FTX bankruptcy case. 

The plaintiffs asked Bankman-Fried to help them go after the FTX influencers. They want him to provide all the documents and testimony related to his criminal trial to help the former FTX customers, who lost their money, to get their money back. They also mentioned famous personalities in the filing like Naomi Osaka, Tom Brady, Stephen Curry, and Shaquille O’Neal, who promoted the FTX crypto exchange before bankruptcy.

They also asked SBF to stay at the Metropolitan Detention Center in Brooklyn instead of being moved to a federal prison in the San Francisco Bay Area so he could help with his defence. 

Now it will be interesting to see how the case will be processed in the future and how many other bad actors will come to light in the public domain. 

Some reports suggested that big political leaders’ names will come out of the public domain, as they took a huge amount of donations from the FTX exchange but it will be matter of time. 

Read also: China reminds “Now crypto mining in Angola is a crime”