Overview

• U.S. District Judge K. Michael Moore dismissed 12 of 14 claims against celebrities and influencers accused of promoting the collapsed crypto exchange FTX.
• The court determined there was insufficient evidence to show that the defendants, including Tom Brady, Stephen Curry, and Gisele Bündchen, were aware of FTX's fraudulent practices.
• State securities claims under Florida and Oklahoma law, related to the sale of unregistered securities, were allowed to proceed and may be amended.
• The ruling narrows the scope of the multidistrict litigation stemming from FTX's November 2022 collapse, which erased billions in customer funds.
• FTX founder Sam Bankman-Fried, convicted of fraud and serving a 25-year sentence, continues to appeal his conviction as fallout from the exchange's collapse persists.