Three high-profile figures, including NFL quarterback Trevor Lawrence and popular YouTubers Kevin Paffrath and Tom Nash, have chosen to settle a lawsuit relating to their promotional activities for the now-defunct cryptocurrency exchange FTX.
While the exact terms of the settlements have not been disclosed, it has been confirmed that the three celebrities have opted to settle the case.
The final court order formalizing the settlements awaits approval from U.S. Judge K. Michael Moore.
Lawyers involved in the case have revealed that confidential discussions are ongoing, suggesting the potential for additional settlements in the future.
Crypto Influencer BitBoy Dismissed from the Lawsuit
Crypto influencer Ben “BitBoy” Armstrong has been dismissed from the lawsuit, with the court filing noting that he did not serve an answer or motion for summary judgment.
The legal actions stem from high profile sponsorship deals that these individuals had with FTX before the exchange’s collapse last year.
Lawrence, the NFL quarterback for the Jacksonville Jaguars, faced allegations of misleading investors in FTX.
He reportedly settled the suit for an undisclosed sum. As revealed in an August 31 filing with the U.S. Bankruptcy Court, Lawrence had received $205,555.35 from Blockfolio, an FTX subsidiary, in 2021.
Tom Nash, a prominent YouTube influencer, was also a recipient of payments from FTX for endorsement purposes, as indicated in a class-action complaint filed against him and other influencers by the Moskowitz Law Firm in March.
The lawsuit against Lawrence, Paffrath, and Nash is part of a broader legal action targeting celebrities who promoted FTX.
Legal Action Underway Against Other Celebrities
These three individuals are among a larger group of celebrities who were engaged by FTX before its downfall.
Legal action is currently underway against other celebrities, including former NFL quarterback Tom Brady, his ex-wife Gisele Bundchen, former NBA player Shaquille O’Neal, and tennis star Naomi Osaka, who also endorsed the exchange.
Following FTX’s collapse, Nash, like other influencers, removed content related to the company and its founder, Sam Bankman-Fried, from his 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, expressing regret over his association with the exchange.
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