Retired Football Star Gronkowski Settles Cryptocurrency Promotion Lawsuit

Retired football sensation Rob Gronkowski has taken a significant step to resolve a legal matter surrounding his involvement in promoting the cryptocurrency exchange, Voyager Digital Holdings Inc. Gronkowski, along with basketball player Victor Oladipo and NASCAR driver Landon Cassill, has agreed to pay a substantial portion of a $2.4 million settlement in a class action lawsuit.

The lawsuit involves a group of US customers who participated in Voyager’s Environmental Protection Agency (EPA) or purchased the VGX tokens from October 2019 onwards. The class action claims that Gronkowski and other sports stars played a role in endorsing the now-defunct cryptocurrency exchange, leading to financial losses for investors.

The plaintiffs have sought preliminary approval from the US District Court for the Southern District of Florida for the settlement agreement reached with Gronkowski, Oladipo, and Cassill. The lawsuit alleges that the athletes’ promotion of Voyager Digital Holdings Inc contributed to misleading marketing practices and financial harm suffered by customers.

As part of the settlement, Gronkowski, Oladipo, and Cassill have agreed to bear the brunt of the financial responsibility, with Gronkowski reportedly shouldering the majority of the $2.4 million settlement amount. The resolution aims to provide restitution to the affected customers who entered into agreements with Voyager or purchased its tokens during the specified period.

The legal case sheds light on the complexities of celebrity endorsements in the cryptocurrency industry and underscores the importance of transparency and due diligence in such promotional activities. While Gronkowski and his fellow athletes have not admitted to any wrongdoing as part of the settlement, the agreement marks a significant development in resolving the allegations brought forth by the aggrieved customers.