P1racenews AI automatic summary:
A group of FTX cryptocurrency users have filed lawsuits against the Mercedes Formula 1 squad as they allege the team helped commit fraud by promoting the now-bankrupt cryptocurrency company.
A group of FTX users has filed a lawsuit accusing the Mercedes F1 team and Major League Baseball of aiding and abetting fraud through their promotional deals with FTX. The plaintiffs claim that the companies actively participated in FTX’s global fraud and promoted unregistered securities. Mercedes partnered with FTX in 2021, displaying the cryptocurrency’s logo on their car livery and team overalls, while MLB became the first professional sports league to do so, with umpires wearing the FTX logo on their uniforms. The group of FTX users is also suing celebrities such as Shaquille O’Neal, Tom Brady, and Cristiano Ronaldo, alleging that they also promoted unregistered securities. MLB terminated its promotional contract with FTX when the company filed for bankruptcy, and Mercedes F1 terminated its agreement with FTX. FTX’s founder, Sam Bankman-Fried, was previously found guilty of fraud, conspiracy, and money laundering.
