Reported Cointelegraph, Eighteen prominent venture capital investment firms, including notable names such as Temasek, Sequoia Capital, Sino Global, and Softbank, have been listed as defendants in a class action lawsuit recently filed in Miami. This lawsuit pertains to their connections with the defunct cryptocurrency exchange, FTX.
The legal action, initiated on August 7th, asserts that these investment entities played a role in 'assisting and abetting' FTX in fraudulent activities. It alleges that the defendants utilized their substantial resources, authority, and influential positions to facilitate the expansion of FTX into a multi-billion dollar enterprise.
The lawsuit noted that the FTX cryptocurrency exchange violated several securities laws and stole customers' funds while the defendant VC firms especially the likes of Temasek offered an illusive picture of the exchange claiming they have done their due diligence.
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