Cyrus Shepard posted about how FTX, you realize, the corporate Sam Bankman-Fried ran, is now suing Neil Patel and his firm, for $55 million. There are a ton of whoppers on this lawsuit, and I don’t know who is correct or incorrect right here, however as Cyrus famous, Neil Patel went by a lot of efforts to cover this within the Google search outcomes.
Replace: See the remark beneath from Neil Patel who mentioned, “We aren’t being sued for $55 million.” Cyrus additionally posted an replace that claims FTX Debtors aren’t searching for a selected greenback quantity, however to “keep away from or get well all such transfers.” These transfers, in whole, quantity to tens of hundreds of thousands. And clearly FTX sued as many as they might to claw again cash from as many sources they probably can.
Cyrus Shepard wrote, “When you seek for “Neil Patel sued”, there’s a great likelihood you’ll see a torrent of posts by Neil speaking a few time he obtained sued in 2011.” It obtained him considering, why is he flooding Google for some of these outcomes and he discovered it, “A intelligent little bit of repute administration, actually,” Cyrus defined.
The total submitting is over right here and it was filed in November 2024.
Listed below are some quotes from the submitting – once more, simply quoting the submitting and the courtroom has not dominated on any of this but:
- In October 2021, Bankman-Fried induced Blockfolio Inc. (“Blockfolio”) to rent
Patel as Advertising and marketing Supervisor and agreed to compensate him $75,000 monthly. - FTX Insiders induced the FTX Group to interact Defendants Large Deal and NP Digital—entities
Patel owns or co-founded and has a considerable monetary curiosity in—in the end paying them at the very least $30.8 million. - FTX Buying and selling paid $14.8 million for Large Deal to spend 4 months merely looking for one other marketing consultant, which it by no means truly did.
- Defendants additionally billed the FTX Group for duplicative and exaggerated companies for
which Defendants acquired extreme and unreasonable charges untethered to any honest market worth. Certainly, FTX Group workers described Defendants’ work as “sooo sloppy” and “horrible efficiency,” and plenty of of Defendants’ promised companies have been by no means offered in any respect. - On October 18, 2021, Patel accepted a place as Advertising and marketing Supervisor for
Blockfolio with a “$75k monthly wage” and 100,000 shares of FTX Buying and selling Class A standard
inventory. - Plaintiffs
paid Defendants over $30.8 million for duplicative, sub-par, and sometimes non-existent companies. - Based on invoices NP Digital submitted in reference to opening an FTX.US account in Fall 2022, NP Digital charged different companies $200,000 to $500,000 yearly for related companies—12 occasions lower than it was charging FTX Buying and selling.
I am going to cease there, you’ll be able to learn it your self, learn what Cyrus posted after which do your personal analysis.
When you comply with Neil Patel, a few months in the past, he began posting movies on each channel about “The time I obtained sued,” a few case from 2011.
I believed, “Why is Neil flooding social media with a narrative from 14 years in the past?“
The reply is a intelligent little bit of repute administration.… pic.twitter.com/xZkeialP8L
— Cyrus (@CyrusShepard) June 3, 2025
I imply, this reads like a film…
Discussion board dialogue at X.
Neil Patel commented beneath saying:
Hope all is properly Barry, it’s been some time since I noticed you at a convention.
I’ve no clue the place persons are getting this from. We aren’t being sued for $55 million.
Individuals are inclined to overlook that the legal professionals who took over FTX are suing, not the individuals who used to run FTX. If individuals within the group hated the work they wouldn’t preserve paying. We even gained awards from Search Engine Land for it, and I imagine you have been a decide.
Attorneys had little to no knowledge as they deleted all information, emails, and so on (see right here).
So we’re working to dismiss the case and supply the FTX legal professionals with the contracts, the work, the outcomes, and so on., as they haven’t any information on their finish. Individuals deleted nearly every part, so that they assume the worst.
Additionally they sued 70-plus different firms the identical week they sued us to attempt to claw again cash.
The individuals reporting on this on-line didn’t know if the cash they paid us was for work, media spend, or what the work was for, and so on. Individuals are simply assuming and don’t have the small print.
Keep in mind, if somebody actually hated the work or the outcomes, they’d cease paying you. 😉
PS: I even have by no means met Sam in actual life.
