Osaka unlikely to face accountability during FTX lawsuit

Naomi Osaka may avoid being held accountable in the collective lawsuit against cryptocurrency exchange FTX due to a lack of notification with basketball star, Shaquille O'Neal also accused.

As per the order issued on March 9, US District Judge Kevin Moore stated that it is unclear if O’Neal and Osaka were notified of the lawsuit. Therefore, the judge has requested that the plaintiffs explain why the sports stars should not be dismissed from the lawsuit.

They could be accused of promoting a “fraudulent scheme” through the cryptocurrency exchange FTX to take advantage of retail investors with little knowledge about the cryptocurrency world.

Among other celebrities accused of fraud include NFL superstar and seven-time championship ring winner Tom Brady, who acquired a significant stake in FTX and became a company’s partner through a media agreement where he and his wife provided support to promote the platform, Bloomberg reported.

Brady received 1.1 million FTX shares, with a market value of approximately $45 million. At the same time, his wife received around $25 million in shares.

Both investments became almost worthless overnight with the collapse of Sam Bankman-fried’s empire, who is under house arrest pending trial for multiple financial fraud charges related to the bankruptcy of FTX and its subsidiaries —including the trading firm Alameda Research.