As a seasoned crypto investor, I’ve seen my fair share of market volatility and regulatory challenges in the cryptocurrency space. The recent news about Rob “Gronk” Gronkowski, Victor Oladipo, and Landon Cassill settling allegations related to their involvement with Voyager Digital is a sobering reminder that even well-known sports personalities are not immune to the risks in this industry.
As a financial analyst, I’ve uncovered that three renowned American sports figures have reached an agreement to collectively fork out $2.42 million in settlement fees. This decision comes after allegations were leveled against them for their involvement in promoting the collapsed cryptocurrency exchange, Voyager Digital.
In a recently filed class action settlement on May 3rd, Rob “Gronk” Gronkowski, a former NFL player, is set to contribute the largest portion of the total sum, which amounts to $1.9 million.
As a researcher, I’d report it this way: NBA player Victor Oladipo and NASCAR driver Landon Cassill have reached separate settlements in their respective cases. Victor will pay $500,000, while Landon will contribute $25,000. Neither athlete has admitted to or denied the accusations against them, and the details of the allegations remain undisclosed.
All U.S. residents who joined the Voyager Earn Program or bought VGX tokens between October 2019 and the provisional approval period are covered in the proposed settlement.
The plaintiffs intend to request approximately $792,000 in attorney fees, in conjunction with their approval of a $2.4 million settlement.
In September 2021, Gronkowski joined forces with Voyager as a partner, brand representative, shareholder, and holder of VGX tokens, as stated in a previous press announcement regarding his involvement with the company.
Adam Moskowitz, the lawyer for the investors, explained that the settlements primarily resulted from the athletes’ strong desire to support and benefit their fan base.
Gronk genuinely understood and cared for all his fans, despite also suffering financial losses through his association with Voyager. It’s unsurprising that he remains a trusted and revered figure due to this compassionate attitude. (He shared this sentiment with Law360.)
In 2022, a band of investors initiated a class action lawsuit against Mark Cuban, the proprietor of the Dallas Mavericks, for his involvement with Voyager. In the following year, 2023, they included Gronkowski and other promoters of Voyager in the suit.
As a neutral mediator involved in the negotiations, my role was to help the parties reach an agreement on two crucial points of contention: the classification of Voyager’s products as securities requiring registration, and whether the promoters had engaged in soliciting potential investors.
In July 2022, the crypto trading platform sought bankruptcy protection due to the fallout from market instability following the Terra/Luna crash in May and the subsequent failure of the Three Arrows Capital (3AC) hedge fund’s loans.
In April, I found that Voyager Digital made significant strides in settling debts owed to creditors. They managed to secure approximately $484 million through negotiations with FTX, Three Arrows Capital, and insurance claims for Directors and Officers (D&O).
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2024-05-08 08:33