FTX is facing a class-action lawsuit by investors in this cryptocurrency exchange. FTX is seeking a bankruptcy and a liquidation of its assets. The lawsuit claims that FTX, along with other former CEO Sam Bankman-Friend and several celebrities, were responsible for the damage for promoting the exchange before its market collapse earlier this month.

They claim nearly 1 million users who both purchased and/or traded, could face losses of more than $11 billion. It further alleges that the company deceived customers due to its Ponzi-like scheme with customer funds.

The lawsuit was filed in Miami, the city of FTX’s headquarters.  

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