TechFlow reports that NBA star Jimmy Butler and cryptocurrency YouTuber Ben Armstrong, also known as "BitBoy," have agreed to pay a combined $340,000 to settle a class-action lawsuit. The lawsuit accused them of promoting Binance, a cryptocurrency exchange alleged to have sold unregistered securities.
According to documents filed on August 19 with a federal judge in Miami, Butler will pay $300,000 while Armstrong will pay $40,000. Both deny any wrongdoing but agreed to the settlement to avoid further time and expenses.
The lawsuit was first filed in March 2023 and named not only Butler and Armstrong as defendants, but also Binance, its former CEO Changpeng Zhao (who has since been arrested), and Binance's U.S. affiliate BAM Trading. Stablecoin issuer Paxos Trust Company was added as a defendant in an amended complaint filed in June 2023.
