FTX investors file lawsuit against MLB, Formula 1 and Mercedes-Benz for promoting FTX

FTX investors are suing the celebrity founder of the cryptocurrency exchange for allegedly facilitating a $11 billion fraud scheme. The lawsuit targets entities including Major League Baseball, Formula One Racing, and the racing teams of Mercedes-Benz. The case is currently being heard in the Southern District of Florida (Miami) federal court.

On Monday, investors' lawyers sued MLB and other entities in Miami federal court, accusing them of "assisting, instigating, and/or actively participating in FTX Group's massive, global fraud scheme worth billions of dollars." The lawsuit also names big-name celebrities such as former NFL Super Bowl champion quarterback Tom Brady, current American League MVP Shohei Ohtani, and NBA sharpshooter Steph Curry.

FTX investors claim to have lost at least $11 billion in the collapse of FTX, and they allege that MLB, Formula One Racing, and Mercedes Formula One Racing team helped promote the sale of unregulated securities through promotional deals with the cryptocurrency website.