A group of Youtube social media influencers, including and BitBoy Crypto, Graham Stephan and Andrei Jekh are facing a class-action lawsuit over their alleged promotion of fraudulent cryptocurrency schemes involving the FTX exchange.
The lawsuit claims that the influencers made false and misleading statements about the investments, causing financial harm to investors, without disclosing how much they were getting paid for the paid promotions The suit seeks damages of up to $1 billion.
Ben Armstrong (Bitboycrypto) has come out strongly in defense denying ever having any contact with FTX in a series of tweets
The Moskowitz Law Firm is representing seven plaintiffs in a class-action lawsuit against FTX and its influencers, according to a report by Cointelegraph. The plaintiffs, who come from different countries, allege that they suffered harm after buying an unregistered security in the form of a yield-bearing account (YBA) from FTX. The suit claims that the defendants promoted the YBA for their financial gain or that of FTX, and it seeks to represent global and national classes of plaintiffs who have purchased YBAs from FTX. The lawsuit suggests that the number of potential plaintiffs could be in the thousands or even millions.