NFL quarterback Trevor Lawrence settles in FTX endorsement suit; FTX customer claims portal reopens

Happy Sunday!

NFL quarterback Trevor Lawrence agreed to settle claims in a class-action lawsuit over his endorsement of failed crypto exchange FTX. And speaking of FTX, it reopened its customer claims portal after a breach at Kroll, its third-party bankruptcy claims agent. Thai authorities broke up a fraudulent crypto scam that had netted about $76 million, and Hong Kong warned investors to be wary of crypto companies marketing themselves as “banks.” Read on!

Lawrence settles FTX endorsement claims

NFL Jacksonville Jaguars’ quarterback Trevor Lawrence agreed to settle claims in a class-action lawsuit over his endorsement of failed crypto exchange FTX, in which investors lost billions, Bloomberg reported.

YouTube influencers Kevin Paffrath and Tom Nash also agreed to settle, the report said, adding that no terms were disclosed. Other defendants in the lawsuit include Tom Brady, Gisele Bündchen, Kevin O’Leary, Shaquille O’Neal, Naomi Osaka, and David Ortiz.

FTX reopens portal after breach

Failed crypto exchange FTX reopened its customer claims portal after it was closed following a cyber attack on Kroll, its appointed third-party bankruptcy claims agent, Cryptopolitan reported.

FTX posted a statement on X (formerly Twitter), saying that its systems were not affected by the attack. Claims can now be submitted for assets held on the exchange before it became insolvent.

Thailand cracks $76m crypto case

Thailand’s Cyber Crime Investigation Bureau arrested four Chinese and a Laotian, charging them with operating a fake investment platform that cheated participants out of about $76 million, CryptoPotato reported, citing the Bangkok Post.

More than 3,000 local investors were swindled by BCH Global, a fake Bitcoin investment platform, the report said.

Hong Kong warns on crypto ‘banks’

The Hong Kong Monetary Authority warned investors to be wary of crypto businesses calling themselves “banks” and urged due diligence in any dealings with them, AMBCrypto reported.

The financial regulator said crypto companies have tried to pass themselves off as crypto banks, digital asset banks, or digital trading banks. The public was asked to check the register of authorised institutions on HKMA’s official website if they had questions.

Ex-Coinbase execs raise seed round

Ex-Coinbase executives behind Trident Digital Group raised an $8 million seed funding round with which they plan to develop a crypto lending business, according to The Coin Republic.

Trident CEO Anthony DeMartino was previously Coinbase’s head of risk strategies, focusing on DeFi and derivatives trading, the report said. Toby Norfolk Thompson, Trident’s chief commercial officer, was chief investment officer at Coinbase. The round was co-led by CMT Digital and White Star Capital.

What we’re reading around the web

German Finance Heavyweights Develop Fully-Insured Crypto Staking Offering, Plan 2024 Release — CoinDesk

Mark Cuban on how he lost $870k to crypto scam — ‘They must have been watching’ — DL News

Genesis Will Stop Offering Crypto Trading Services — CoinMarketCap