Sam Bankman-Fried Snitches on Crypto Influencers
FTX investors might drop lawsuit against SBF if he aids case against celebrity endorsers
According to a Bloomberg report, FTX investors may withdraw their lawsuit against Sam Bankman-Fried (SBF) if he aids in legal actions against the celebrities who promoted FTX.
This proposed settlement involves Bankman-Fried providing valuable information against well-known figures like Tom Brady, Shaquille O’Neal, and Gisele Bundchen, who are implicated in promoting what is claimed to be a Ponzi scheme.
Under the proposed settlement, Bankman-Fried would disclose details about FTX's operations and its affiliates, including venture capital investors and legal advisers.
He would also hand over documents related to his investments and an affidavit confirming his negative net worth.
In return, all current and future claims against him would be dismissed.
The court has yet to approve this settlement proposal, part of a larger consolidation of several lawsuits against FTX promoters, under review in the Southern District of Florida.
Previously, some celebrities involved sought to dismiss the charges against them.
This legal matter is separate from Bankman-Fried's criminal case, where he was sentenced to 24 years in prison in March 2023 following a conviction in November 2023.
This ongoing situation highlights the legal complexities arising from the FTX collapse, which could potentially impact both the celebrities involved and the broader cryptocurrency landscape.
