In November 2022, a group of FTX investors filed a class-action lawsuit against a handful of celebrities, including Larry David, Tom Brady, Shaquille O’Neal, the Golden State Warriors, and Naomi Osaka, who endorsed the crypto exchange, accusing them of civil conspiracy, misleading advertising, and endorsing unregistered securities.

Numerous celebrities initially endorsed crypto companies but later reconsidered their involvement. Matt Damon, who promoted Crypto.com before Eminem stated his participation was intended to support a NGO. Larry David, featured in an FTX advertisement called himself an 'idiot' after being sued alongside Tom Brady, Shaquille O’Neal, and Naomi Osaka, who were accused of engaging in misleading advertising and promoting unregistered securities.