FTX lawyers have been prosecuting lawsuits against cryptocurrency influencers and celebrities who were hired to promote the exchange during the peak of its operations. However, the exchange appears to be looking for other ways to resolve these legal disputes by choosing to settle with these influencers.
Proposed Settlement with Other Defendants
After FTX failed, lawyers went after numerous celebrities who promoted the exchange in an attempt to recover funds from various sources. High-profile names including Shaquille O’Neal, Tom Brady, Steph Curry and Naomi Osaka are named as potential defendants in the lawsuit.
Crypto YouTube influencers named as defendants include BitBoy Crypto (Ben Armstrong) Graham Stephan, Ben Armstrong, Andrei Jikh and Jaspreet Singh. Among those named by FTX, cryptocurrency influencer Ben Armstrong, better known as BitBoy, has been excluded from the lawsuit as a defendant.
This was revealed in court Archive This suggests that FTX lawyers voluntarily dismissed the allegations against Armstrong because the influencer failed to respond to the allegations against him.
Armstrong is not the only one seeking a settlement, as one of the defendants, NFL quarterback Trevor Lawrence, A settlement was recently reached with FTX. Details of the settlement have not been disclosed, but YouTubers Kevin Paffrath and Tom Nash have also decided to settle.
Making progress in court
FTX is making progress on its goal to recoup some of the money that Bankman-Fried and other executives overspent before its collapse.Failed cryptocurrency exchanges become the latest talking point headlines look Ditching its Bitcoin and cryptocurrency holdings.
FTX has amassed about $7 billion in assets, according to court documents, sparking speculation of an imminent liquidation.
FTX also Has been approved by the court Liquidating its crypto assets of $1.16 billion in SOL, $560 million in BTC, $192 million in ETH and other cryptocurrencies.This resulted in Cryptocurrency Community Concerns negatively impact the prices of these cryptocurrencies.
All this from former CEO Bankman-Fried Also set to He will stand trial on eight charges starting on October 3. The founder continued to ask for his release before trial to help prepare his defense.But, that The court rejected his request every time.
The court also said it would consider delaying the former CEO’s trial date, but neither Sam Bankman-Fried nor his lawyers have said they will apply for a postponement.
FTT trading sideways above $1 | Source: FTTBUSD on Tradingview.com
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