The fall of crypto exchange firm FTX in 2022, due to which $32,000,000,000 worth of funds vanished from the market, landed several top celebs in legal trouble who endorsed the firm and among those was Jacksonville Jaguars QB Trevor Lawrence. Thankfully for Jaguars fans, Trevor, who was named in a class action lawsuit filed on behalf of innocent investors after FTX’s demise, recently settled the case against him.
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While the Jacksonville quarterback can breathe easy for now, several other reputed stars, including the likes of Shaquille O’Neal and NFL GOAT Tom Brady, would still have to deal with this issue which has already done a lot of damage to their otherwise positive images.
Trevor Lawrence Reaches a Settlement With FTX Investors
Trevor Lawrence agreed to a settlement in a class action lawsuit, filed against him and other celebrity endorsers of FTX. According to Bloomberg, Lawrence was amongst the quickest members to sign a settlement offer. The report also stated that popular YouTube influencers Kevin Paffrath and Tom Nash, followed in his footsteps to get the monkey off their backs. However, the settlement terms were not released.
We’re excited to announce our partnership with football star, @Trevorlawrencee! The world of sports and crypto will never be the same. pic.twitter.com/8KC3ZHHagu
— FTX App (@ftx_app) April 26, 2021
Lawrence’s partnership with FTX started in 2021, and the company eventually went bankrupt a year ago in 2022. Following its demise, several reports claimed that the 23-year-old received his $24 million signing bonus with the Jaguars in cryptocurrency. However, the quarterback had refuted these claims.
FTX’s founder Sam Bankman-Fried is also currently facing multiple charges. Along with Lawrence, other FTX endorsers including the likes of Tom Brady, Stephen Curry, Shaquille O’Neal, and Shohei Ohtani have also been sued. The primary allegation labelled against all of them was that they had misled the general public about the cryptocurrency exchange.
According to Bloomberg, the lawyers in charge of the case are “engaged in ongoing confidential, settlement discussions” and are hoping that they would reach a settlement with others as well. While the stars named in the lawsuit did lose a lot of their money too, NFL GOAT Tom Brady is probably the one who had to bear the biggest financial brunt due to the whole fiasco.
Tom Brady Lost $30 million due to the FTX Debacle
The FTX debacle resulted in heavy losses for Tom Brady who reportedly lost $30 million after the company went bankrupt in 2022. Brady, who served as the face of FTX, had received $30 million in shares for his role. His former wife, Gisele Bundchen, also ended up losing about $18 million, in what turned out to be a disastrous deal for the whole family.
Not only did Tom Brady lose money due to his association with FTX, he was also sued by the investors. In the class action lawsuit, the investors sought repayment from Brady and his former wife. It won’t be a surprise if the retired quarterback also looks to follow Trevor Lawrence, when it comes to reaching a settlement with the FTX investors.
