Renowned comedian Larry David has expressed regret over his decision to star in a Super Bowl commercial for the now-bankrupt cryptocurrency exchange FTX. The FTX ad aired during Super Bowl LVI.
Speaking during the final season premiere of “Curb Your Enthusiasm,” the hit show in which he stars, David admitted to feeling foolish for participating in the advertisement despite seeking advice from knowledgeable friends.
The commercial, which aired in 2022, featured David comically rejecting past inventions before ultimately dismissing FTX.
However, the aftermath revealed a darker side, as FTX’s former CEO Sam Bankman-Fried was recently found guilty of defrauding customers, lenders, and investors.
The exchange has subsequently filed for bankruptcy, leaving celebrities who promoted FTX, including David, Tom Brady, and Steph Curry, facing a lawsuit filed in November 2022.
Larry David Says He Consulted Friends About the FTX Ad
Recalling the decision-making process behind his involvement, David revealed that he had consulted friends who were well-versed in the industry to seek their opinions.
Assured that it was a legitimate opportunity, he reluctantly agreed to take part.
“So, like an idiot, I did it.”
The Larry David FTX ad humorously portrayed him rejecting historical inventions with his signature wit and conviction.
However, the subsequent revelation of FTX’s fraudulent activities added a bitter twist to the tale.
Bankman-Fried has been convicted for defrauding various parties, which has left him awaiting sentencing.
As a consequence of their involvement with FTX, David and other celebrities who promoted the platform were hit with a class action lawsuit following the company’s implosion.
The class action lawsuit, filed in November 2022, claims that Sam Bankman-Fried, NFL quarterback Tom Brady, and comedian Larry David misled customers and engaged in deceptive practices to sell FTX yield-bearing digital currency accounts.
Other celebrities listed in the lawsuit include Kevin O’Leary, Golden State Warriors, Shaquille O’Neal, Udonis Haslem, David Ortiz, Naomi Osaka, and more.
The lawsuit alleges that the celebrities actively participated in the sale of unregistered securities through yield-bearing accounts.
David, who had a portion of his salary tied up in cryptocurrency, even said he was willing to be part of the lawsuit, acknowledging the significant financial losses he incurred.
FTX to Pay Creditors
In a recent hearing, FTX attorney Andy Dietderich revealed that the company has been negotiating with potential bidders and investors since October 2023, but none were willing to contribute sufficient funds to rebuild the FTX exchange.
Therefore, the platform has chosen to abandon and has instead decided to liquidate all assets, returning funds to its customers.
At the hearing, the company sought approval for a process to ascertain the amounts owed to each creditor and customer.
US Bankruptcy Judge John Dorsey ruled that the size of each claim would be determined based on what the customer or creditor was owed on the day FTX filed for bankruptcy.
