FTX YouTube Influencers Face $1 Billion Fraud Lawsuit Over Promotion of FTX.
Right now isn't a very god time for any influencer who had promonted FTX in one way or another especially those influencers with great following who reside in the United States. YouTube Crypto influencers, Kevin Paffrath, Jeremy Lefebvre, Tom Nash, Andrei Jikh, Jaspreet Singh, Brian Jung, Ben Armstrong, Erika Kullberg and Graham Stephan are currently facing a billion dollar law suit for promoting FTX to their followers and this course of actiom was taken because unfortunately, some of their followers suffered massive losses from the FTX crash.
Some of these influencers were reported to have gotten some really good pay for their services from FTX and many didn't see the crash and the lawsuit coming , perhaps , they would have stayed clear of anything that has to do with FTX. However I believe actions like this are quite neccessary especially with the current situation in the crypto space where influencers market anything to millions of people so long they'll be paid for their services. Some crypto friendly countries for example UAE currently have laws in place to charge and prosecute crypto influencers who promote any platform that scammed or brought losses to investor and hopefully other countries follow suit to protect crypto investors all around the world.
I truly hope many crypto influencers learn from the experiences of these influencers currently facing these law suit by only marketing what they are sure of, by doing their own investigations before presenting anything at all to their followers and by being careful with the kinds of brands they associate themselves and not being so concerned about the money alone. And my advice for the regular crypto enthusiast and investor is that the crypto space is still filled with loads of uncertainties, irregularities and scams and so it is best to be careful with the information some guy gives us on the internet, do our due research before investing in anything and only invest what we can afford to lose.
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I hope so too. On the one hand, I feel sorry for them because they couldn't have known that FTX was a scam. But on the other hand, an example needs to be set so that influencers don't blindly promote things that they don't know about just for the money.
Yeah, kinda feel sorry for them since they trusted FTX not to crash because of how big FTX was. No one saw it coming.
Hopefully, the lawsuit will turn on the following question: would a reasonably well informed person have been in a position to know they were promoting an untrustworthy exchange?
I think the FTX collapse caught almost everyone by surprise. I don't want the world to be a place where people get punished for endorsing things that appear to be above board.
Yeah, I believe like most FTX users, these influencers trusted FTX so muchl to not have any issues. FTX had no reason to crash and no one saw it coming.