Other celebrities like O’Neil, and Tom Bradi and Stephen Curry were named in the lawsuit in 2022. He was accused of tending the FTX as a reputable and trusted investment option by supporting payments. The proposed settlement is only related to O’Neil.
Three years ago, FTX was the third largest cryptocurrency exchange, but it ended with billions of dollars of loss and had to seek bankruptcy. Investigations were conducted by the Bahamas-based company and its founder, Sam Bankman-Fried, state and federal officials for investing depositors’ funding in Ventures without their approval.
Prior to its failure, FTX was known for using high-profile Hollywood and sports celebrities to promote its products. It had the right to named the Sports Arena in the Formula One Racing Team as well as in Miami. His commercial “Sinfeld” manufacturer Larry David, as well as Brady, Tampa Bookniers and New England Patriots, Basketb Players Players O’Neil and Curry and former quarterback of tennis star Naomi Osaka.
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In March 2024, Bankman-Fried sentenced to 25 years in prison. A little longer than that, the FTX said in a court filing that almost all its customers would get the money back or they were left.
When the proposed settlement with O’Neil agreed in April, the payment amount and other conditions were announced earlier this week in the Southern District, Southern District of the US District Court, Florida, Miami.
Anyone in the settlement category who had deposited funds in FTX or bought its FTT token at the end of May 2019 and 2022.
This agreement, which still needs court approval, will provide a comprehensive release from future claims to O’Neil, and it includes a condition that it will not seek compensation from FTX estate.
According to the filing, the settlement will be paid within 30 days of the final form.
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