The Golden State Warriors were sued on Monday by an FTX account holder who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange, Reuters reported. Elliott Lam, a Canadian citizen and Hong Kong resident who said he lost $750,000 in his FTX yield-bearing account, filed his proposed class-action lawsuit in San Francisco federal court. Other defendants include Sam Bankman-Fried, who founded FTX, and Caroline Ellison, who led Bankman-Fried's trading firm Alameda Research. Lam accused the defendants of falsely representing that FTX was a "viable and safe way to invest in crypto," in order to deceive consumers into investing there. The lawsuit seeks unspecified damages for people outside the United States with FTX yield-bearing accounts.
