Jimmy Butler and the Miami Heat may have won their last game against the Dallas Mavericks, but they have struggled this season. The team will likely miss out on an automatic playoff spot, and the first-round matchup, if they make it in, will not be a kind one either. But that’s not the only problem Butler faces, as per the latest reports.
“The Moskowitz Law Firm and Boies Schiller Flexner filed a class action suit on Friday that may impact the NBA veteran,” as reported by HeatNation. “The suit claims that Binance traded cryptocurrencies that are unregistered securities, and more notably for the Heat star, that influencers paid by Binance (like Butler) promoted those cryptocurrencies illegally.
“The suit seeks damages worth more than $1 billion in total from Binance and other involved parties, like Butler.”
It’s tough to tell how much of this Butler will be required to pay if they lose the case, but it will likely be a sizeable loss for him. Jimmy Butler is a savvy businessman, as he has shown before with his ventures in coffee. Cryptocurrency has led to problems for several NBA stars, and Jimmy will be hoping this doesn’t affect his life too much.
Stephen Curry And The Golden State Warriors Were Sued In A Similar Situation
The cryptocurrency market has become quite unpredictable after the boom it enjoyed for a while, and perhaps the biggest scandal was FTX, another exchange, going bankrupt. That situation had ramifications for NBA stars as well, Stephen Curry, Shaquille O’Neal, and the Golden State Warriors all got sued in the aftermath.
The lawsuit takes a hit against a slew of celebrities and athletes who played their part in the promotion of FTX. Some of these celebrities include Tom Brady, Stephen Curry, former NBA star Shaquille O’Neal, Gisele Bündchen, Kevin O’Leary, and even the Golden State Warriors.
“FTX’s business was based upon false representations and deceptive conduct. Although many incriminating FTX emails and texts have already been destroyed, we located them and they are evidence of how FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country…,” states the lawsuit.
This matter will likely drag on for a while, so Jimmy Butler’s focus will have to be on basketball for the now. With the play-in tournament a likelihood, he will need to be locked in to ensure the Miami Heat can get a playoff berth. The season has been a weird one for Butler, to say the least.
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