Naomi Osaka named in class action suit after world's most valuable cryptocurrency exchange FTX files for bankruptcy

Naomi Osaka has been named in a class-action lawsuit following the collapse of the FTX cryptocurrency exchange, which recently filed for Chapter 11 bankruptcy.

FTX, once one of the world's most valuable cryptocurrency exchanges, collapsed last week after a run on deposits left it with an $8 billion shortfall, prompting the company to file for bankruptcy. Its investors filed an $11 billion class-action lawsuit against its dozens of celebrity ambassadors, including four-time Grand Slam champion Osaka, Tom Brady, Stephen Curry, and Shaquille O'Neal, among others.

The company had named Osaka as a global ambassador in a “long-term” deal in March this year. She was compensated with shares in the business as well as cryptocurrency as part of the agreement. She also assisted in the creation of branded content and wore an 'FTX' patch during her matches.

In the lawsuit, Osaka was criticized for creating and directing a "glitzy ad" posted on social media targeting women and minorities.

"In exchange for an equity stake in FTX and payments in unspecified amounts of cryptocurrency, Osaka directed and produced content in association with the FTX Entities designed to promote the offer and sale of the unregistered YBA securities, hoping 'she will reach a global audience.'” the lawsuit read.

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"I hope this book inspires kids to chase their dreams" - Naomi Osaka is set to publish children's book

Naomi Osaka in action at the 2022 US Open.

Naomi Osaka announced the release of her book 'The Way Champs Play' in October. She stated that it was her first publishing project under her company Hanakuma and mentioned that she hoped her book would inspire kids to chase their dreams.

"So excited to finally announce the release of my first children’s book, The Way Champs Play. It's the first publishing project under my production company @hanakuma," Osaka wrote on Instagram.

“I hope this book inspires kids to chase their dreams and encourages them to believe they can do anything they put their minds to. This book holds an extra special place in my heart as a portion of the proceeds will go to my foundation @playacademynaomi which works to support young girls in sport. It officially releases on December 6th, but you can pre-order today at the link in my bio and get a signed bookplate to put inside your book," she added.

She later shared pictures along with a video of her reading the book to her pet dog Butta.

"Reading my first book to my firstborn lol. So I just got to hold a final copy of my new book and I can’t wait for you all to read it! It’s important to support preorders so If you’d like to preorder and get a signed bookplate from me, follow the link in my bio. Also if you want to support independent businesses, Bookshop and IndieBound are a great way to do so," Naomi Osaka's caption read.