{"id":157785,"date":"2023-09-18T11:56:25","date_gmt":"2023-09-18T06:26:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=157785"},"modified":"2023-09-18T11:56:25","modified_gmt":"2023-09-18T06:26:25","slug":"first-celebrities-settle-lawsuits-over-ftx-deals-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/first-celebrities-settle-lawsuits-over-ftx-deals-crypto-news\/","title":{"rendered":"First Celebrities Settle Lawsuits Over FTX Deals – Crypto News"},"content":{"rendered":"
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A trio of celebrities have settled lawsuits against them related to sponsorship deals struck with the failed crypto-exchange FTX before it collapsed last year.\u00a0<\/span><\/p>\n

Trevor Lawrence, an NFL quarterback for the Jacksonville Jaguars, reportedly settled a suit that accused him of misleading investors in FTX for an undisclosed sum. Youtubers Tom Nash and Kevin Paffrath also agreed to settlements, but the terms were not disclosed.<\/span><\/p>\n

These developments were first reported by Bloomberg News<\/i><\/a>.\u00a0<\/span><\/p>\n

Before FTX collapsed, Lawrence had signed a sponsorship deal with Blockfolio, an FTX subsidiary, in 2021. According to a filing <\/span>submitted to the U.S. Bankruptcy Court<\/span><\/a> on August 31, Lawrence received $205,555.35 from the company.<\/span><\/p>\n

At the time, FTX’s then-COO Sina Nader told <\/span>Decrypt<\/span><\/i><\/a> that sponsorships with Lawrence and other celebrities helped to ensure taboos around cryptocurrency were “officially shattered.”<\/span><\/p>\n

“When it comes to my crypto portfolio, I wanted a long-term partner in the space that I could trust,” \u00a0Lawrence said at the time of the Blockfolio deal. The athlete has not commented on the settlement or the Bloomberg report.<\/span><\/p>\n

Nash, a prominent YouTube influencer with 289,000 subscribers, was also paid by FTX for an endorsement, according to a<\/span> class-action complaint<\/span><\/a> filed against him and other influencers by the Moskowitz Law Firm in March.\u00a0<\/span><\/p>\n

After FTX collapsed, the complaint states, Nash and other influencers scrubbed their channels of any content touting the company or its disgraced founder Sam Bankman-Fried.<\/span><\/p>\n

Nash, who is a citizen of Australia, did not initially respond to the lawsuit, prompting Moskowitz to request a federal judge to allow them to serve the lawsuit through a tweet<\/a>.\u00a0<\/span><\/p>\n

Paffrath, another influencer with a following of 1.88 million subscribers on his \u2018Meet Kevin\u2019 YouTube channel, acknowledged in a <\/span>video on November 17, 2022<\/span><\/a> that he was previously sponsored by FTX, something that he called a “scar” that he regretted.\u00a0<\/span><\/p>\n

In a <\/span>second video<\/span><\/a> on March 16, one day after being included in Moskowitz’s class-action lawsuit, Paffrath doubled down on blaming SBF for the fraud. He described suggestions that influencers contributed to losses from FTX\u2019s fraud as “ludicrous.\u201d<\/span><\/p>\n

These three are part of a longer list of celebrities who FTX worked to cultivate before its demise. Among others now facing legal action for partnering with the exchange are former NFL quarterback <\/span>Tom Brady, his ex-wife Gisele Bundchen<\/span><\/a>, former NBA player <\/span>Shaquille O\u2019Neill<\/span><\/a>, and tennis star <\/span>Naomi Osaka.\u00a0<\/span><\/a><\/p>\n

News of these settlements arrive after FTX was hit by a cyber-attack that briefly shut down an online portal for former clients to submit reimbursement claims. Meanwhile, a federal judge <\/span>authorized FTX<\/span><\/a> to begin selling off the $3.4 billion in Solana, Ethereum, Bitcoin and other assets it held as part of the bankruptcy proceedings.<\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A trio of celebrities have settled lawsuits against them related to sponsorship deals struck with the failed crypto-exchange FTX before it collapsed last year.\u00a0 Trevor Lawrence, an NFL quarterback for the Jacksonville Jaguars, reportedly settled a suit that accused him of misleading investors in FTX for an undisclosed sum. Youtubers Tom Nash and Kevin Paffrath […]<\/p>\n","protected":false},"author":2,"featured_media":157786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-157785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/157785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=157785"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/157785\/revisions"}],"predecessor-version":[{"id":157788,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/157785\/revisions\/157788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/157786"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=157785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=157785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=157785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}