Kenne Michael 
Through promotional deals with the crypto exchange, the Mercedes-Benz Formula One team and Major League Baseball allegedly assisted FTX in committing fraud, according to a group of FTX users who have filed a new lawsuit.
Twin class-action lawsuits were initiated on Nov. 27 in a Florida District Court by plaintiffs who are FTX users.
The suits accuse the defendants of “aiding and abetting and/or actively participating in the FTX Group’s massive, multibillion-dollar global fraud” and promoting unregistered securities.
Notably, the Mercedes F1 team signed a promotional deal with FTX in 2021, whereby various materials, including vehicles, uniforms, hats, and other items, would bear the exchange’s logo.
The MLB, becoming the first professional sports league to do so, signed a similar contract that year, requiring umpires to wear FTX’s logo on their uniforms.
“The centerpiece, and most important feature, of the partnership, however, was the inclusion of FTX.US patches on all MLB umpire uniforms,” wrote the class complaint filing. “The FTX.US patches marked the first time in the history of MLB, which dates back to the 1800s, that a sponsor brand has had its logo appear on umpire uniforms.”
The rare double logo shot👀 https://t.co/OLE7P8iY1N
— FTX (@FTX_Official) July 18, 2021
A comparable complaint was lodged against Mercedes F1, alleging that the team prominently displayed the FTX logo on its vehicles, merchandise, and marketing materials.
Additionally, FTX “regularly cheered on and congratulated” Mercedes F1 and its drivers, which, according to the lawsuit, created a “veneer of trustworthiness with Mercedes F1 fans.”
The complaint stated, “This ploy would not have been as effective were it not for Mercedes F1’s parallel promotions of FTX.”
Details 👌 @FTX_Official pic.twitter.com/3trhANWTCV
— Mercedes-AMG PETRONAS F1 Team (@MercedesAMGF1) September 24, 2021
Similar allegations of promoting unregistered securities continue to be brought against a list of celebrities who promoted the exchange, including former athletes Shaquille O’Neal and Tom Brady, by the same group of FTX users.
Numerous celebrities named in the lawsuits have filed motions to dismiss the case, arguing that they did not promote FTX deposits.
Trevor Lawrence, an American football professional, YouTubers Kevin Paffrath and Tom Nash, and Trevor Lawrence are among those whose cases have been resolved.
Sam Bankman-Fried, the former CEO and founder of FTX was found guilty on seven counts relating to fraud, conspiracy, and money laundering earlier in November.
However, Major League Baseball terminated its five-year promotional contract with FTX in November 2022, shortly after the organization declared bankruptcy, just over a year after the agreement was signed.
In the same year, Mercedes F1 terminated its partnership with FTX and eliminated its logo from both its vehicles and merchandise.