Taylor Swift was the only one to question

Taylor Swift left Sam Bankman-Fried's FTX's $100 million sponsorship contract.A lawyer suing celebrities for promoting FTX claims Swift alone enquired about unregistered securities.

According to the lawyer representing multiple FTX promoters in a class-action complaint, Taylor Swift was the only star to query the crypto exchange & so escaped a $100 million endorsement agreement.

Adam Moskowitz discussed the complaint on "The Scoop" podcast, saying the plaintiffs are demanding over $5 billion from FTX's famous endorsers, including Shaquille O'Neal, Tom Brady, and Larry David.

The lawyer said celebrities didn't investigate FTX's legality. "The one person I found that did that was Taylor Swift," Moskowitz told The Scoop's Frank Chaparro.

According to the Financial Times, the musician, whose father worked at Merrill Lynch, started discussing the $100 million tour sponsorship with FTX in autumn 2021.

According to FTX marketing employees, "no one really liked the deal" and it was "too expensive from the beginning."

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Stocks and bonds are securities. The SEC must register all US securities. The SEC charged FTX officials with selling FTT as an investment contract, making it a security. It was misregistered.

"Defendants committed multiple misrepresentations and omissions to encourage trust and to urge customers to participate in what was ultimately a Ponzi scheme," the lawsuit states.

After large client withdrawals, the crypto exchange collapsed in November. Lawyers argued extravagant spending and a $65 billion line of credit prevented it from meeting that requirement.

A month later, former FTX CEO Sam Bankman-Fried was arrested in the Bahamas for securities fraud, money laundering, and bribery.

Swift didn't reply to Insider's request for comment. Bankman-Fried's representative denied comment.

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