In a recent report by cryptonews, three prominent figures, NFL quarterback Trevor Lawrence and renowned YouTubers Kevin Paffrath and Tom Nash, have opted to settle a lawsuit pertaining to their promotional involvement with the now-defunct cryptocurrency exchange, FTX.
Though the precise terms of the settlements remain undisclosed, it has been confirmed that the trio has chosen to resolve the case. The final court order formalizing these settlements awaits approval from U.S. Judge K. Michael Moore.
Legal representatives involved in the proceedings have disclosed that confidential discussions are currently underway, hinting at the possibility of further settlements in the days to come.
These three individuals are part of a larger cohort of celebrities who were associated with FTX prior to its demise. Legal action is presently in progress against other notable figures, including former NFL quarterback Tom Brady, his ex-wife Gisele Bundchen, former NBA player Shaquille O’Neal, and tennis sensation Naomi Osaka, all of whom also endorsed the exchange.
In the wake of FTX’s collapse, Nash, in common with other influencers, removed content linked to the company and its founder, Sam Bankman-Fried, from his channels.
Initially, Nash, an Australian citizen, did not respond to the lawsuit, prompting a request by Moskowitz to serve the lawsuit via Twitter.
Kevin Paffrath, recognized for his ‘Meet Kevin’ YouTube channel boasting 1.88 million subscribers, publicly acknowledged his prior sponsorship by FTX in a video released in November 2022. In it, he expressed remorse over his association with the exchange.
This settlement marks a pivotal moment in the legal proceedings surrounding FTX, shedding light on the complexities of celebrity endorsements within the cryptocurrency space. As the case continues to unfold, the industry will keenly watch for further developments and potential resolutions involving other high-profile figures implicated in the lawsuit.