Three High-Profile Figures Settle Lawsuit Involving FTX
NFL quarterback Trevor Lawrence, and YouTubers Kevin Paffrath and Tom Nash have decided to settle a lawsuit related to their promotional activities for the now-defunct cryptocurrency exchange FTX. The exact terms of the settlements have not been disclosed, but it has been confirmed that the three celebrities have chosen to settle the case. The final court order formalizing the settlements is awaiting approval from U.S. Judge K. Michael Moore.
The lawyers involved in the case have revealed that confidential discussions are ongoing, indicating the possibility of additional settlements in the future.
Crypto Influencer BitBoy Dismissed from Lawsuit
Crypto influencer Ben “BitBoy” Armstrong has been dismissed from the lawsuit as he did not serve an answer or motion for summary judgment. The legal actions stem from sponsorship deals these individuals had with FTX before its collapse last year.
Trevor Lawrence, the NFL quarterback for the Jacksonville Jaguars, faced allegations of misleading investors in FTX. He settled the suit for an undisclosed sum. Records show that Lawrence received $205,555.35 from Blockfolio, an FTX subsidiary, in 2021.
Tom Nash, a prominent YouTube influencer, was also paid by FTX for endorsements. He was named in a class-action complaint filed against him and other influencers by the Moskowitz Law Firm in March.
Legal Action Against Other Celebrities
Lawrence, Paffrath, and Nash are part of a broader legal action targeting celebrities who promoted FTX. Other celebrities such as Tom Brady, Gisele Bundchen, Shaquille O’Neal, and Naomi Osaka are currently facing legal action as well.
Following FTX’s collapse, Nash and other influencers removed content related to the company and its founder, Sam Bankman-Fried, from their channels. Nash, an Australian citizen, initially did not respond to the lawsuit, leading to a request by Moskowitz to serve the lawsuit via Twitter.
Kevin Paffrath, known for his ‘Meet Kevin’ YouTube channel with 1.88 million subscribers, publicly acknowledged his previous sponsorship by FTX in a video in November 2022 and expressed regret over his association with the exchange.
Hot Take: High-Profile Figures Settle Lawsuit Against FTX
NFL quarterback Trevor Lawrence and YouTubers Kevin Paffrath and Tom Nash have chosen to settle a lawsuit related to their promotional activities for the now-defunct cryptocurrency exchange FTX. The settlements’ exact terms remain undisclosed, pending approval from U.S. Judge K. Michael Moore. Confidential discussions are ongoing, suggesting the possibility of further settlements. Crypto influencer Ben “BitBoy” Armstrong has been dismissed from the lawsuit. Legal action is underway against other celebrities involved in endorsing FTX. Nash and other influencers removed content related to FTX following its collapse. Paffrath publicly expressed regret over his association with the exchange.
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