Kevin

April

Nash

Pocket

<p>A handful of influencers famed for their personal finance expertise on YouTube are being chased hard by victims who lost their fortunes in FTX&#8217;s collapse.</p>
<p>One such is crypto YouTuber Tom Nash &#8211; he was served a lawsuit through a tweet after a Florida district court judge granted the Moskowitz Law Firm permission for the action.</p>
<h2 id="served-on-twitter">Served on Twitter</h2>
<p>Nash, a Sydney resident, is among ten defendants named in a class-action lawsuit that claims influencers played a &#8220;major role&#8221; in the FTX scandal. It also states that the crypto exchange wouldn&#8217;t have risen to such heights without their backing and &#8220;hype.&#8221; Despite promoting and being &#8220;handsomely&#8221; paid in return, these influencers have failed to disclose their compensation.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en"><a href="https://twitter.com/iamtomnash?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">@iamtomnash</a>, per the authorization of the Court presiding over the pending class action against you in the Southern District of Florida, you have been served: <a href="https://t.co/28YJQ2sKY5" data-wpel-link="external" target="_blank">https://t.co/28YJQ2sKY5</a></p>
<p>— The Moskowitz Law Firm (@moskowitzesq) <a href="https://twitter.com/moskowitzesq/status/1653547029493161986?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">May 2, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Nash was the only holdout among the various defendants, some of which include Kevin Paffrath, Graham Stephan, Andrei Jikh, and Jaspreet Singh, among others.</p>
<p>Besides, YouTuber and Crypto Twitter personality Ben Armstrong (aka BitBoy Crypto), who was also named in the lawsuit, <a href="https://cryptopotato.com/bitboy-crypto-referred-to-fbi-after-failed-court-appearance/" data-wpel-link="internal">missed </a>a court appearance ordered by a federal magistrate judge last month. He even went as far as to <a href="https://twitter.com/Bitboy_Crypto/status/1649059142546407425" target="_blank" rel="noopener" data-wpel-link="external">mock</a> openly the federal judge’s authority, tweeting pictures of himself on a beach on the same day he was slated for an ordered court appearance.</p>
<p>The lead attorney representing the plaintiffs in the case &#8211; Moskowitz &#8211; claimed that Armstrong harassed the legal team with &#8220;endless phone calls, tweets, and emails,” voicemails “full of vulgarities,&#8221; and social media posts suggesting threats. The judge later banned Armstrong from <a href="https://twitter.com/Bitboy_Crypto/status/1649070680535891968" target="_blank" rel="noopener" data-wpel-link="external">tweeting</a> about Moskowitz and the plaintiffs in the case.</p>
<h2 id="advisors-raking-in-millions">Advisors Raking in Millions</h2>
<p>FTX collapsed over ten days last November with its disgraced CEO Sam Bankman-Fried on house arrest ahead of a trial in October. The former exec is accused of being a mastermind in a yearslong fraud of using billions of dollars of FTX customer funds for personal expenses and high-risk bets through the exchange’s sister trading house, Alameda Research.</p>
<p>Victims have lost million of funds as a result, but the advisers overseeing the ruins of the FTX Group will reportedly rake in $103 million over the first quarter.</p>
<p>Five firms &#8211; Sullivan &amp; Cromwell, Alvarez &amp; Marshal, AlixPartners, Quinn Emmanuel Urquhart &amp; Sullivan, and Landis Rath &amp; Cobb &#8211; have <a href="https://restructuring.ra.kroll.com/FTX/Home-DocketInfo" target="_blank" rel="noopener" data-wpel-link="external">billed</a> FTX a total of $36.4 million in March alone. The paychecks for these five law firms for January and February, on the other hand, stood at $34.2 million and $32.5 million, respectively.</p>
<p>New York-based Sullivan &amp; Cromwell has billed the biggest invoice of $14.1 million in fees and expenses for March, taking its total all the way to $44.4 million in Q1.</p>
<p>The post <a href="https://cryptopotato.com/ftx-influencers-in-trouble-while-advisors-pocket-103m-in-q1/" rel="nofollow">FTX Influencers in Trouble While Advisors Pocket $103M in Q1</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

FTX Influencers in Trouble While Advisors Pocket $103M in Q1

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