A group of investors who did business with defunct cryptocurrency exchange FTX brought a class action lawsuit against multiple internet influencers Wednesday, alleging the content creators pushed unregistered securities on their viewers and followers while promoting the collapsed exchange.

The lawsuit seeks over $1 billion in damages and was brought against content creators that reached millions online, including BitBoy Crypto creator Ben Armstrong and finance YouTube creator Graham Stephan, among seven other individuals and the talent management firm Creators Agency.

Stephan did not immediately respond to requests for comment from Decrypt. Armstrong told Decrypt that he never received a dollar from FTX, adding that he plans on “countersuing immediately.”

“I’ve never spoken with anyone at FTX or as a marketing agent acting on their behalf. Not once,” he said via direct message on Twitter. “So the allegations against me are 100% false and it will be extremely easy to provide evidence of this.”

The unregistered securities “endorsed and promoted” were yield-bearing accounts offered by FTX, the lawsuit claims, adding that the creators were paid to endorse FTX, which was a “fraudulent scheme […] designed to take advantage of investors from across the globe.”

Edwin Garrison, a resident of Oklahoma, led the lawsuit. And though the lawsuit was brought in Florida’s Southern District Miami Division Court, the plaintiffs include residents of the United Kingdom, Canada, and Australia as well.

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Author: André Beganski

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