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Lawsuit going ahead against FTX in Miami

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A class action lawsuit is forging ahead in Miami, against former FTX CEO Sam Bankman-Fried and several paid celebrity promoters of the now-defunct crypto exchange.

A class action lawsuit is forging ahead in Miami, against former FTX CEO Sam Bankman-Fried and several paid celebrity promoters of the now-defunct crypto exchange.

Three seperate lawsuits filed by plaintiffs have now been consolidated and be overseen by a U.S. District Court Judge in Florida.

The plaintiffs allege celebrities such as NFL quarterback Tom Brady, comedian Larry David and NBA star Stephen Curry lured in unsophisticated retail investors and promoted unregistered securities.

The Lead Attorney says: “We have no doubt that Sam [Bankman-Fried] committed one of the country’s largest financial scams and he had no intention of complying with any of these FTC and SEC celebrity endorsement regulations.”

He is confident that the FTX celebrity promoters will also have been found to have violated state and federal anti-touting laws.

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Crypto

FTX demands U.S. politicians return campaign contributions

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Crypto exchange FTX is asking politicians to return the tens of millions of dollars in campaign contributions, given by Sam Bankman-Fried, before the company’s implosion in November

The company is sending confidential letters to political beneficiaries, asking for the money to be returned by the end of the month.

If they don’t, the company reserves the right to seek repayments through court action.

The donations are estimated to be as much as $93 million.

They were made to politicians and political causes across the political spectrum and one in three members of the current U.S. congress allegedly received contributions from Bankman-Fried’s orbit.

Some beneficiaries have tried to cancel out the scandal by making equivalent donations to charities, but FTX Debtors warn that this does not prevent them from seeking recovery.

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Business

A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Crypto

Sam Bankman-Fried attempting to resolve bail conditions dispute

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Sam Bankman-Fried is in talks with U.S. prosecutors to resolve a dispute over his bail conditions

The 30-year-old former billionaire has been blocked from contacting employees of FTX or his Alameda Research hedge fund, after prosecutors raised concerns he may tamper with witnesses.

Bankman-Fried has pleaded not guilty and is under house arrest at his parents’ California home.

Once worth an estimated $26 billion, Bankman-Fried was arrested in December after FTX collapsed.

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