**FTX Class Action Lawsuit: Celebrities Request Court to Dismiss the Case**

On April 18th, according to a newly filed court motion, celebrities involved in promoting the cryptocurrency exchange FTX class action lawsuit have requested the court to dismiss the case. These celebrities include comedian and director Larry David, NFL star Tom Brady, Gisele Bundchen, NBA star Stephen Curry, Udonis Haslem, TrevorLawrence, Kevin O’Leary, baseball star Shohei Ohtani, David Ortiz Tennis star Naomi Osaka and the NBA Golden State Warriors. According to relevant lawyers, these celebrities did not advocate investing in the Income Account (YBA), and the class action lawsuit is claiming losses from such accounts. Previously, it was reported that regulatory agencies in Texas are investigating celebrities promoting FTX, including NBA star Curry and NFL star Brady. （Cryptoslate）

NBA star Stephen Curry and other celebrities have asked the court to dismiss the lawsuit on promoting FTX

**Introduction**

In recent news, a court motion was filed on April 18th by celebrities involved in promoting the cryptocurrency exchange FTX, requesting the court to dismiss a class action lawsuit. The lawsuit claims losses from investing in the Income Account (YBA) and alleges that the celebrities promoted this account. However, according to relevant lawyers, these celebrities did not advocate investing in YBA. Among the celebrities requesting the dismissal of the case are comedian and director Larry David, NFL star Tom Brady, Gisele Bundchen, NBA star Stephen Curry, Udonis Haslem, TrevorLawrence, Kevin O’Leary, baseball star Shohei Ohtani, David Ortiz, Tennis star Naomi Osaka, and the NBA Golden State Warriors. Previously, regulatory agencies in Texas were investigating celebrities promoting FTX, including NBA star Curry and NFL star Brady. In this article, we will take a closer look at why the celebrities are requesting the dismissal of the case and what this means for FTX.

**What Is FTX?**

FTX is a cryptocurrency exchange launched in May 2019. The exchange offers futures, leveraged tokens, and over-the-counter trading. Since its launch, FTX has been gaining popularity, and according to CoinGecko, it is currently ranked 7th among cryptocurrency exchanges by trading volume.

**What Is the Class Action Lawsuit against FTX?**

The class action lawsuit against FTX alleges that the Income Account (YBA) promoted by FTX was an illegal and unregistered security. The lawsuit claims that FTX violated securities laws by promoting YBA, which resulted in losses for investors. According to the lawsuit, FTX should have registered YBA and obtained approval from the Securities and Exchange Commission (SEC) before promoting it.

**Why Are Celebrities Involved?**

Celebrities have been involved in promoting FTX through social media campaigns and other promotional activities. As a result, some investors may have been influenced to invest in FTX’s Income Account (YBA). While the celebrities have denied promoting YBA, they have been named in the class action lawsuit as a result of their promotion of FTX.

**Why Are the Celebrities Requesting Dismissal of the Case?**

The celebrities involved in promoting FTX have requested the dismissal of the class action lawsuit, stating that they did not advocate investing in the Income Account (YBA). Relevant lawyers have confirmed that the celebrities did not promote YBA and that the class action lawsuit is claiming losses from such accounts. The celebrities argue that they should not be held responsible for losses incurred by investors who invested in YBA.

**What Does This Mean for FTX?**

The dismissal of the class action lawsuit would be a positive development for FTX, as it would remove the legal uncertainty surrounding the Income Account (YBA). However, if the court decides not to dismiss the case, FTX may face legal repercussions for promoting an unregistered security. The outcome of this case will be closely watched by investors and regulatory agencies, as it could set a precedent for similar cases in the future.

**Conclusion**

The request by celebrities involved in promoting the cryptocurrency exchange FTX to dismiss the class action lawsuit has raised questions about the legality of FTX’s Income Account (YBA). While the celebrities deny promoting YBA, the class action lawsuit claims that their promotion resulted in losses for investors. The outcome of the case will be closely watched by regulatory agencies and investors, as it could set a precedent for similar cases in the future.

**FAQs**

**1. What Is FTX’s Income Account (YBA)?**

FTX’s Income Account (YBA) is a savings account feature that offers users a fixed interest rate on their cryptocurrency holdings.

**2. Why Are Celebrities Named in the Class Action Lawsuit?**

Celebrities have been involved in promoting FTX through social media campaigns and other promotional activities. Some investors may have been influenced to invest in FTX’s Income Account (YBA) as a result of this promotion, leading to losses.

**3. What Is the Potential Outcome of the Case?**

If the court decides to dismiss the case, FTX would be cleared of any wrongdoing. However, if the case is not dismissed, FTX may face legal repercussions for promoting an unregistered security.

**Keywords**

FTX, cryptocurrency exchange, Income Account, YBA, class action lawsuit, celebrities, dismissal, securities laws, regulatory agencies, legal uncertainty, precedent.