TAMPA, FLORIDA - NOVEMBER 10: Fox Sports commentator and former quarterback Tom Brady smiles on the field prior to an NFL football game between the Tampa Bay Buccaneers and the San Francisco 49ers at Raymond James Stadium on November 10, 2024 in Tampa, Florida. (Photo by Kevin Sabitus/Getty Images)
Last year, many star athletes participated in the promotion of the cryptocurrency company FTX, but the company filed for bankruptcy last fall and founder Sam Bankman-Fried was indicted on criminal charges for fraud.
One of the most prominent figures advertising for FTX was former NFL quarterback Tom Brady, who also served as an “ambassador” for the company. Brady and his then-wife, Giselle Bündchen, began making commercials that ran during NFL games in 2021. Brady also posted TikTok videos with Bankman-Fried from FTX’s headquarters in the Bahamas.
When FTX collapsed, Brady lost all of the money he had in its stocks. According to The New York Times, this included $30 million in shares that he was given for his ambassador role. FTX also paid Bündchen $18 million in stock that was lost.
Brady also faces lawsuits for being among the group of celebrities who misled investors. Meanwhile, his company Autograph, which helps sell NFT items for celebrities, is now floundering after raising more than $200 million from backers. Autograph has now shifted away from crypto and markets itself as an organization that helps celebrities discover ways to attract more fans.
Other famous endorsers being sued include former NBA star Shaquille O’Neal, Seinfeld creator Larry David, Stephen Curry of the Golden State Warriors and tennis player Naomi Osaka. “None of these defendants performed any due diligence prior to marketing these FTX products to the public,” read the federal lawsuit.
Some celebrities escaped the crypto meltdown with FTX. Pop singer Katy Perry discussed partnering with the company, but it never materialized. Last spring, Taylor Swift was considering a sponsorship deal that could have totaled up to $100 million. Adam Moskowitz, the lawyer suing the celebrities, said on a podcast in April 2023 that Swift had asked FTX to prove that its cryptocurrencies were not “unregistered securities.”
But in a later interview, Moskowitz said he had no inside information about the business conversations. Swift’s team had actually signed the sponsorship agreement with FTX, but Bankman-Fried decided to stop the deal last minute.
Before its downfall, FTX was valued at $32 billion.
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