An FTX customer is suing the Golden State Warriors for fraudulently promoting the crypto exchange, in which he says he lost $750,000.
Canadian citizen and Hong Kong resident Elliott Lam filed the lawsuit in San Francisco, Calif., against the NBA team, former CEO Sam Bankman-Fried, and Caroline Ellison.
The proposed class action lawsuit seeks $5 million in damages for non-U.S. customers. The Warriors also face a lawsuit filed by U.S. FTX customers in Miami.
The Golden State Warriors named FTX an “official cryptocurrency platform” last year, and the lawsuit accuses the team of fraudulently promoting it as safe.
FTX, once worth $32 billion, filed for bankruptcy on Nov. 11. Its new CEO reported a “complete failure of corporate controls” and “missing or stolen” assets.
