On Monday, three celebrities, namely Tom Nash, Kevin Paffrath, and Trevor Lawrence, settled charges brought against them in relation to their sponsorship deals with fallen cryptocurrency exchange FTX.
Jacksonville Jaguars quarterback Trevor Lawrence is reported to have settled a lawsuit accusing him of misleading FTX customers. However, the penalty fee paid has not been disclosed.
In 2021, before FTX went crumbling down, Lawrence entered a sponsorship deal with the exchange’s subsidiary Blockfolio. Per a document filed with a United States Bankruptcy Court, the quarterback received $204,500 from the firm.
At the time, Sina Nader, FTX’s ex-COO, said the deal with Lawrence would help promote the mainstream adoption of digital currencies and kill the negative notion around them. When signing the deal, Lawrence said FTX’s Blockfolio was the right partner to secure his crypto portfolio.
YouTubers Nash and Paffrath Settle Charges Related to Their FTX Deals
Meanwhile, famous YouTuber Tom Nash has also settled a suit against him, but the terms remain unknown. He was accused of misleading his over 280,000 subscribers about FTX. Nash received a significant amount to endorse the exchange on his YouTube channel. However, after the lawsuit was filed, he removed all FTX-related content from the channel.
Initially, the Australian YouTuber did not respond to the suit, prompting complainant Moskowitz Law Firm to ask the court to let them serve him via a tweet.
Kevin Paffrath is another YouTuber who was paid to promote FTX to his over 1.80 million subscribers. He runs a YouTube channel called “Meet Kevin.” Paffrath acknowledged his dealings with the fallen crypto exchange and said he regretted them.
The trio is part of the long list of famous individuals who signed deals with FTX. Other celebrities facing charges for their involvement with the bankrupt exchange include NBA ex-player Shaquille O’Neill, Tennis superstar Naomi Osaka, NFL ex-quarterback Tom Brady, and his former wife Gisele Bundchen.
Reports of Nash, Paffrath, and Lawrence settling their charges came a few hours after FTX got attacked, prompting the exchange’s team to shut down the online portal that ex-customers were using to file reimbursement claims. But the portal is now working again.
Meanwhile, the court has given FTX the green light to sell off its crypto holdings worth $3.3 billion to raise funds for compensating customers.
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