Influencers Hit with $1 Billion Lawsuit 😳

GM Guys and Gals,

We've got some juicy news for you that's hot off the press. It appears that a group of investors who did business with the now-defunct cryptocurrency exchange FTX are not too happy with some of your favourite YouTube influencers.

In fact, they're so unhappy that they've brought a class action lawsuit against multiple internet influencers, including BitBoy Crypto creator Ben Armstrong and finance YouTube creator Graham Stephan, for promoting unregistered securities on their viewers and followers while endorsing the collapsed exchange.

The lawsuit is seeking over $1 billion in damages, and it seems like everyone's getting in on the action, with plaintiffs hailing from the United Kingdom, Canada, and Australia. It's a regular global party, folks!

But wait, there's more! The lawsuit claims that these influencers were paid to endorse FTX, which was a "fraudulent scheme...designed to take advantage of investors from across the globe." Ouch, that's gotta hurt. Talk about being between a rock and a hard place.

Of course, the defendants are denying everything, with Ben Armstrong claiming that he never received a dollar from FTX and plans to countersue immediately. We can't wait to see how this all plays out.

And speaking of playing, YouTube played a central role in how these influencers promoted FTX, according to the lawsuit. It's more popular than network television, after all. Who knew that YouTube could be such a powerful tool for promoting fraudulent schemes?

But fear not, dear readers, some of the defendants have already scrubbed their YouTube channels of all video clips endorsing FTX and replaced them with apology videos. That should make everything better, right?

In all seriousness, it's a sad day when people are taken advantage of by fraudulent schemes. We hope that justice is served and that investors are able to recover their losses. And for all you influencers out there, let this be a cautionary tale. Be sure to do your due diligence before endorsing any product or service.

As the crypto world continues to evolve, we will keep you updated on all the latest developments. Stay tuned for more updates from Web3shala.

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That’s it for the day, Web3Shala 👋

To the Moon 🚀