FTX Trading LTD

FTX investors were offered the ability to deposit selected digital assets into crypto interest accounts in exchange for “yield” rewards that have a monetary value. These FTX Earn accounts (formerly Blockfolio accounts) work much like bank accounts, where customers deposit money into an account and earn interest on their principal deposit. Defendants here did not register any of these crypto interest accounts (or the underlying digital assets) with the SEC, as required by law. Similarly, FTX did not get approval from the SEC before selling its FTT token as an unregistered security. Defendants were unjustly enriched from their FTT sales and from the collection of fees for lending out the cryptocurrencies that investors deposited in the crypto interest accounts offered by FTX. As a result, individual investors that used FTX’s financial services are now joining together through a class action brought by law firm Scott+Scott, to seek restitution and damages from FTX and other insiders. If you purchased or deposited cryptocurrency into any of FTX’s crypto interest accounts and suffered damages, you are encouraged to reach out to Scott+Scott to learn more about your legal rights. Attorney Advertising.