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Did MLB and Formula 1 participate in FTX fraud?

Per Bloomberg, the new lawsuit accuses MLB, Formula 1 and the Mercedes racing team of “aiding and abetting and/or actively participating in the FTX Group’s massive, multi-billion-dollar global fraud.” "MLB and many others were quick to jump into the crypto world with both feet when they saw the potential for fast money," the lawsuit argues.

Did Mercedes F1 & MLB promote FTX?

FTX users have sued Mercedes F1 and MLB for promoting FTX, claiming they assisted in fraud.

Why are FTX users taking aim at Formula One and MLB?

The group of FTX users is taking aim at the Mercedes Formula One team and Major League Baseball for allegedly helping FTX commit fraud by promoting the crypto exchange on its platforms.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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