Naomi Osaka Sued for $11 Billion Over Crypto Deal Gone Wrong

Tennis star Naomi Osaka entered into a partnership with cryptocurrency exchange FTX in March 2022, valuing her equity stake at $32 billion. The deal aimed to increase women's participation in crypto, an industry with a historically low female presence.

Ozaka said at the time, 'We have seen the statistics about how few women are part of crypto by comparison, which kind of mirrors the inequality we see in other financial markets.'

The partnership involved creating content and promoting FTX to a global audience. Ozaka's role went beyond endorsements; she directed and produced promotional content and invested in cryptocurrencies.

In November 2022, just eight months after the deal was announced, FTX filed for bankruptcy and investors sued Ozaka and other celebrity promoters for $11 billion in damages.

The lawsuit alleged that the celebrities helped bring customers to the platform through their promotional work. However, a U.S. District Judge later dismissed most of the claims against the celebrity defendants, finding no evidence they knew about any alleged fraud inside FTX.