MLB, Formula 1 Face Lawsuits Over FTX Crypto Promotions
- FTX investors say leagues allegedly aided $11 billion fraud
- Mercedes-Benz Formula 1 racing team also named in lawsuit
The FTX logo on a Major League Baseball umpire’s uniform during a game in 2022.
Photographer: Mark Cunningham/Getty ImagesThis article is for subscribers only.
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.