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NFL icon Rob Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill have collectively agreed to a $2.4 million settlement in a lawsuit concerning their roles in promoting the now-defunct cryptocurrency exchange Voyager Digital, spotlighting the intricacies of celebrity endorsements in the crypto industry.
Settlement Details Revealed
Rob Gronkowski, Victor Oladipo, and Landon Cassill have agreed to a settlement with plaintiffs in their ongoing lawsuit against Voyager Digital, as per Cointelegraph.
Three high-profile American athletes have agreed to pay $2.42 million to resolve claims that they helped promote the collapsed cryptocurrency exchange Voyager Digital.
According to a class action settlement filed on May 3, retired NFL star Rob "Gronk" Gronkowski will pay the highest portion, $1.9 million.
NBA player Victor Oladipo will pay $500,000, while NASCAR driver Landon Cassill will pay $25,000. All three athletes have agreed to the agreements without admitting or denying any of the allegations.
The proposed settlement applies to all people in the United States who enrolled in a Voyager Earn Program Account or purchased VGX tokens between October 2019 and the preliminary approval date.
In addition to approving the $2.4 million settlement, the plaintiffs intend to seek an attorney fee award of around $792,000.
According to a press release, Gronkowski launched an NFT collection in 2021 and became a Voyager partner, "brand ambassador," shareholder, " shareholder, and VGX tokenholder in September 2021, according to a press release.
Implications for Crypto Endorsements
Adam Moskowitz, an investor's legal representative, stated that the settlements largely depended on the players "who really wanted to help their fans."
Gronk showed genuine empathy with all his followers despite losing money on Voyager. "It's no surprise that he remains such a trusted and respected spokesperson," he told Law360.
In 2022, a group of investors launched a class action against Dallas Mavericks owner Mark Cuban, with Gronkowski and other Voyager promoters joining in 2023.
The agreements were reached through mediation to clarify two important issues: whether the Voyager products were unregistered securities and whether the promoters recruited investors.
The cryptocurrency trading platform filed for bankruptcy in July 2022, citing market turmoil following the Terra/Luna crash in May and loan defaults to the Three Arrows Capital (3AC) hedge fund.
Voyager Digital made considerable progress toward compensating its creditors in April, securing $484 million in settlements with FTX, Three Arrows Capital, and Directors and Officers (D&O) insurance claims.
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