A lawsuit by FTX account holders in the United States is likely the first of many that will be brought over billions of dollars in losses on the cryptocurrency exchange, though the cases will face obstacles including proving that U.S. securities law applies to FTX's products, experts said.
, a proposed class action brought on behalf of FTX yield-bearing account holders in the United States, claims the accounts were unregistered securities because they used investors' pooled funds to engage in activities that generated the returns account holders received.
Several law firms have said they are considering bringing claims on behalf of investors in the FTX Token, or FTT, a cryptocurrency tied to the exchange whose value has plummeted from around $25 per token to less than $2 in the wake of the FTX liquidity crisis.Tuesday's complaint alleges that such promoters violated Florida consumer protection law by failing to disclose what they were paid to endorse the company.
She settled similar claims earlier this year by the SEC for $1.26 million without admitting wrongdoing.
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