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Influencers who promote FTX are being sued for $1billion
Influencers who promoted FTX on $Alphabet-A (GOOGL.US)$'s YouTube are being sued in a $1 billlion class action lawsuit over alleged crypto fraud promotion. (source: FTX influencers face $1B class-action lawsuit over alleged crypto fraud promotion).
This will be an interesting case to watch as it could re-define the financial influencers industry. It could determine whether the "not financial advise" that everyone plaster over their content but keep pushing the product hard, is enough to protect them from liabilities. However, LegalEagle, don't think the case will be won, but will cost these influencers their time and money to fight the case.
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doctorpot1
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crawled out of poverty, working towards FIRE!! (financial independence, retired early)
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Ixy The Cat : It's just a matter of time for these influencers to be facing some form of legal/financial challenge given the vast sums of money involved in the FTX fraud. As these individuals no doubt profited by their narrative, those who suffered losses will surely want some form of financial redress to recover their losses and want blood.
Investingtime : They need to pay for misleading information
doctorpot1 OP Ixy The Cat : yea this case if won, will change the entire financial influencers landscape. as influencers now can be on the hook for the product they promote. but seems like it doesn't have a high chance of winning though. Will have to see how it evolves![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
doctorpot1 OP Investingtime : if their promotion of it constitute financial advise then yea they will definitely get hurt real bad, but will have to see what happens![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
The Brown Knight : They should be sued and fined and maybe jail time.
They can say all they want about “this is not financial advice” but it is 100% exactly what they are doing.
Anyone selling a discord sub should also be gone after.
doctorpot1 OP The Brown Knight : there may be more regulation to those discord groups cause it might be construed as giving paid financial advise and a CFA license is needed
MonkeyGee : they deserve it. there are still alot out there promoting gold mines.
doctorpot1 OP MonkeyGee : ya need to be careful. a lot of them are scams. they will ask you to transfer money to a pool, acting like fund managers. doubt they will ever see their money back![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
when the pot grows big, the scammer will just run
philip_3385 : hi
MonkeyGee doctorpot1 OP : just so disgusting. they make so much but still have to scam.
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