FTX, which declared bankruptcy in late 2022, was founded by Sam Bankman-Fried and had previously reported significant financial success, including over $1 billion in revenue in 2021.

In October 2023, FTX's bankruptcy plan was approved by the court, aiming to fully compensate affected customers.

A federal judge in Florida has dismissed most claims against high-profile celebrities, including Tom Brady and Gisele Bündchen, who promoted the now-defunct cryptocurrency exchange FTX.

The plaintiffs have the option to amend their complaint, but they must present stronger evidence to support their claims.

While most claims were dismissed, Brady and other celebrities could still face financial repercussions if new charges are brought against them.

Investor's lawyer, Adam Moskowitz, views the ruling as a partial victory, citing Florida's strict liability laws that may still hold the celebrities accountable.

Investors accused the celebrities of ignoring warning signs and failing to disclose their financial incentives as 'brand ambassadors' for FTX, contributing to a conspiracy to defraud them.

The plaintiffs claimed that the celebrities violated federal and state advertising laws by endorsing FTX without revealing their financial ties.

Despite the dismissal of most claims, the judge allowed certain allegations related to violations of Florida law concerning the sale of unregistered securities to proceed.

Judge K. Michael Moore determined that the plaintiffs did not sufficiently demonstrate causation or prove that the defendants were aware of FTX's fraudulent activities.

The lawsuit stemmed from FTX's catastrophic collapse in November 2022, which resulted in the loss of billions in customer funds and triggered global investigations.

The case remains unresolved, as the celebrities still face claims for violating state securities laws in Florida and Oklahoma.