Key Takeaways:
- Sam Bankman-Fried has reached a settlement with FTX customers, agreeing to cooperate against celebrity endorsers of FTX, aiding victims’ recovery efforts.
- Bankman-Fried and key associates, including Caroline Ellison and Nishad Singh, have made agreements to assist in lawsuits aimed at recovering lost funds from the FTX collapse.
- High-profile celebrities and numerous venture capital firms remain in legal contention, despite settlements reached with some celebrity endorsers and former FTX associates.
Sam Bankman-Fried has reached a settlement agreement with a group of FTX customers, who in return have agreed to dismiss their class action lawsuit against him.
This agreement hinges on Bankman-Fried’s cooperation in pursuing claims against celebrity endorsers of the now-defunct cryptocurrency exchange.
Disgraced Democratic mega-donor Sam Bankman-Fried agrees to flip on Tom Brady and other celebrity FTX promoters https://t.co/Qtyb6vVpv2 pic.twitter.com/Y0St9Q0H9S
— TheBlaze (@theblaze) April 22, 2024
The deal, submitted for approval in a Miami court, proposes to absolve Bankman-Fried of both present and future civil liabilities related to FTX’s downfall.
His contribution to the agreement involves supplying plaintiff attorneys with testimony and documents from his records to support the recovery efforts for the victims and aid their ongoing lawsuits against various celebrity promoters and venture capital firms that supported FTX.
Moreover, he will disclose financial details, including a statement of his residual personal assets and his company’s 2021 investment in the AI startup, Anthropic.
Sam Bankman-Fried is now a snitch, and has turned on his celebrity backers (whom he also conned) to help his own victims sue them for all they're worth. Larry David, Tom Brady, Shaquille O'Neal and Stephen Curry are in for a rough one. pic.twitter.com/q1g7fov3xW
— Ian Miles Cheong (@stillgray) April 22, 2024
This settlement offer follows shortly after Bankman-Fried was found guilty of fraud and received a 25-year prison sentence—a verdict he is currently appealing.
Joining Bankman-Fried in similar settlement actions are his former colleagues and co-defendants—Caroline Ellison, Nishad Singh, Gary Wang, and FTX attorney Dan Friedberg.
Together, they have reached agreements with the plaintiffs’ lawyers.
INFLUENCERS BEWARE – SBF AGREES TO HELP FTX CUSTOMERS ‘GO AFTER’ CELEBRITY PROMOTERS
— BSCN (@BSCNews) April 22, 2024
– Sam Bankman-Fried has agreed a settlement with FTX investors that will see said investors drop their class action lawsuit against him.
– In return, SBF will provide information to help… https://t.co/SzmdRrbiyQ pic.twitter.com/Y43cKDVSBz
Several lesser-known celebrity promoters, including finance Youtubers like Andrei Jikh, Graham Stephan, Jaspreet Singh, Tom Nash, Brian Jung, and Jeremy Lefebvre, have also agreed to settlements.
They’ve collectively contributed $1.4 million to a fund supporting the lawsuit, as per the court filings.
Moreover, Jacksonville Jaguars quarterback Trevor Lawrence, who received $500,000 in 2022 for endorsing FTX’s Blockfolio, settled with the plaintiffs last year.
Here is a full list of all the celebrities being sued for promoting FTX.
— unusual_whales (@unusual_whales) November 17, 2022
Tom Brady
Stepen Curry
Shaquille O'Neal
Udonis Haslem
David Ortiz
Trevor Lawrence
Shohei Ohtani
Naomi Osaka
Larry David
Kevin O'Leary
However, high-profile celebrities like Tom Brady, Steph Curry, Shaquille O’Neal, Naomi Osaka, Shohei Otani, and Gisele Bundchen, as well as numerous domestic and international venture capital firms, continue to contest the lawsuit.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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