Risk Warning: Beware of illegal fundraising in the name of 'virtual currency' and 'blockchain'. — Five departments including the Banking and Insurance Regulatory Commission
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U.S. Department of Justice: FTX did not clearly differentiate between its international platform and FTX.US in its previous advertising
2023-09-04 10:10
Odaily News The U.S. Department of Justice said in a document filed late on Friday that FTX ads featuring comedian Larry David and American football player Tom Brady show that the lines between FTXs U.S. and international operations are increasingly blurred. Lawyers for SBF said that because its charges involve international operations, the U.S. operations should be legally separated. The U.S. government said the distinction was less clear-cut, citing a series of now-infamous ads that aired months before the crypto market crash and ultimately the collapse of the SBF empire. The U.S. Department of Justice document cites an FTX Super Bowl ad and says, “The ad featured celebrities describing ‘FTX’ as ‘a safe and easy way to get exposure to cryptocurrencies’ and showing customers using the FTX Logo.” Rather than a device with the FTX.US Logo.” Internal documents indicate that there is no difference between FTX’s advertising for international platforms and FTX.US. The U.S. Department of Justice also wants to investigate the details surrounding FTX’s collapse, which it believes are “inseparable” from its alleged misappropriation of customer funds. (CoinDesk)