Per cryptocurrency website Cointelegraph, Miami Heat forward Jimmy Butler along with YouTube star Ben Armstrong have reportedly consented to paying a large sum of money in order to settle a lawsuit that claims the two promoted a cryptocurrency exchange called Binance.
“NBA star Jimmy Butler and crypto YouTuber Ben Armstrong, known as ‘BitBoy,’ have agreed to pay a combined $340,000 to settle a class-action lawsuit claiming they promoted Binance, which is alleged to have sold unregistered securities,” Jesse Coghlan wrote.
As of Thursday, Armstrong has 121,000 subscribers on his YouTube channel, where he uploads videos about the crypto world on a daily basis.
Butler settlement agreement shows that he would pay $300,000. However, Butler has supposedly denied any misconduct and thinks that if the case were litigated to a conclusion he’d “be absolved of all liability.”
Armstrong would pay far less money than Butler would, as he would pay $40,000 of the $340,000 combined sum. Along with Butler, the YouTuber known as “BitBoy” has also denied any wrongdoing.
Binance, its CEO Changpeng Zhao — who is currently in jail — and BAM Trading have been named as defendants in the case as well, according to the lawsuit.
Adam Moskowitz, the managing partner of Moskowitz Law Firm — who is spearheading the lawsuit — sent an email to Cointelegraph regarding the firm’s findings during an investigation that supposedly spanned one year. The investigation allegedly “revealed that Binance is also selling unregistered securities and thus needs to be held accountable.”
Armstrong, Butler, Zhao and Binance all previously filed to dismiss the lawsuit.
Butler has spent each of his last five seasons in the NBA playing for the Heat franchise. Across 60 games played with Miami during the 2023-24 regular season, he averaged 20.8 points, 5.3 rebounds, 5.0 assists and 1.3 steals per game, though he failed to earn an All-Star nod for the second season in a row.
The 34-year-old will try to win the first title of his NBA career in 2025. Butler has come close to winning a title on more than one occasion during his time with the Heat, as he led the team to NBA Finals appearances in the years 2020 and 2023.
Butler and the Heat will kick off the 2024-25 regular season when they take on the Orlando Magic on Oct. 23.
