MLB, Formula 1 Face Fraud Suits for Promoting FTX Cryptocurrency

FTX investors suing the cryptocurrency exchange’s celebrity promoters for allegedly helping to facilitate an $11 billion fraud have some new targets, including Major League Baseball, Formula 1 racing and Mercedes-Benz Group AG’s racing team.

Investors’ lawyers sued MLB – the first major sports league to sign a promotional deal with FTX in 2021 – and the other entities in federal court in Miami Monday, accusing them of “aiding and abetting and/or actively participating in the FTX Group’s massive, multi-billion-dollar global fraud.” At one point, MLB umpires wore FTX patches on their sleeves.

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