Former customers of Sam Bankman-Fried's FTX have sued three venture capital and private equity firms, accusing them in a proposed class action of fraudulently promoting the cryptocurrency exchange before it went bankrupt. According to a complaint filed late Tuesday in San Francisco federal court, Sequoia C
Former customers of Sam Bankman-Fried's FTX have sued three venture capital and private equity firms, accusing them in a proposed class action of fraudulently promoting the cryptocurrency exchange before it went bankrupt.
The customers said the defendants lent FTX an"air of legitimacy" by vouching that they had examined its operations - with a Sequoia executive once saying"we did our homework"- and found them"safe and secure" for cryptocurrency investors. The lawsuit seeks unspecified damages for alleged violations of California consumer protection laws, as well as fraudulent inducement, intentional misrepresentation and civil conspiracy.
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