Naomi Osaka and other athletes are named in an $11 billion consumer class-action lawsuit. FTX, a valuable cryptocurrency exchange in the world, collapsed last week after a shortfall of deposits. A heavy lawsuit was brought on by its investors against the company’s former CEO, Sam Bankman-Fried, and several celebrity ambassadors like Naomi Osaka, Tom Brady, Stephen Curry, and Shaquille O’Neal.

The company had named Osaka as a global ambassador with a long-term agreement in March. She participated in the production of branded content and wore an ‘FTX’ patch during her matches.

Cryptocurrency investors have sued Naomi Osaka and other elite athletes

After a dramatic series of events, FTX went from being the industry leader to going bankrupt. A lawsuit filed by cryptocurrency investors includes claims for damages against several celebrities who helped advertise the cryptocurrency exchange. One of the famous athletes named as a defendant in the $11 billion class action lawsuit is the 25-year-old Naomi Osaka.

Osaka, a four-time Grand Slam winner, served as a global ambassador for FTX. The former No.1 had worn an FTX patch on her Nike apparel in various matches. Osaka had accepted an equity stake in the firm at the height of its power.

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The cryptocurrency platform FTX and its former CEO Sam Bankman-Fried, according to the lawsuit, have deceived customers and caused investors to suffer loss of billions of dollars. Tom Brady of the Tampa Bay Buccaneers, LA Lakers legend Shaquille O’Neal, and Stephen Curry of the Golden State Warriors, are among the athletes and celebrities named in the lawsuit as well as others who promoted the platform.

The lawsuit reads, “FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments.…” According to reports that were released after the crash of the company, approximately $10 billion was moved from FTX to Bankman-Fried’s trading company, Alameda Research.

Osaka’s season goes from bad to worse

Naomi Osaka has competed in various tournaments over the past few months. However, she struggled to make it past the opening rounds. The former world no.1 has also dealt with numerous injuries that have severely hampered her progress on the WTA Tour.

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Due to an Achilles injury, she withdrew from the 2022 Wimbledon. The four-time Grand Slam champion plans to return with more vigor in 2023. In addition to her poor 2022 season, she is now embroiled in the FTX lawsuit. Can the former US Open champion overcome such challenges and regain her form in the 2023 season? Let us know in the comments.