FTX, a prominent cryptocurrency company, recently faced a catastrophic downfall. And it left celebrities who had endorsed the platform in dire straits. Many well-known celebrities suffered severely after the FTX collapse. And legendary NFL quarterback Tom Brady has also suffered a significant financial blow as a result of the scandal.
According to reports, Tom Brady lost a staggering $30 million in FTX stock as the company crumbled. And his former wife, Gisele Bündchen, also experienced a considerable loss, amounting to $18 million. As a result, the ex-couple now faces legal action from disgruntled FTX customers who feel deceived by their endorsement.
Report — Tom Brady lost $30M in collapse of crypto giant FTX – ESPN https://t.co/TRPz6sHNxS
— James Rule XRP 👊😎 (@RuleXRP) July 8, 2023
In 2021, Tom Brady enthusiastically entered into a partnership with the crypto exchange. And he featured prominently in commercials and even attended a company conference in the Bahamas. Sina Nader, FTX’s head of partnerships, revealed that Brady displayed a genuine interest in cryptocurrencies. And he occasionally engaged in conversations with the company’s founder, Bankman-Fried.
“Imagine a tiger and a lion talking… They’re slightly different, they do different things, but they’re really formidable in their own arenas,” Sina Nader had said earlier.
But FTX’s meteoric rise abruptly collapsed in November last year. And the company’s value plummeted from a staggering $32 billion to absolute worthlessness. Consequently, the celebrities who had aligned themselves with FTX found themselves struck in the aftermath.
Both Tom Brady and Gisele Bündchen are victims of the FTX fraud
After losing a huge amount each, it’s obvious that both Brady and Gisele are victims of the Fraud by FTX. As per reports, Tom Brady and Bundchen endorsed the FTX. But they were not aware that the company was involved in fraudulent activities.
While representatives for Brady chose not to comment, Bündchen expressed her shock and disappointment. “Trusted the hype” and felt “blindsided,” she said in an interview. Tom Brady, on the other hand, has not yet commented anything on the incident.
Unfortunately, FTX’s downfall has rendered their endorsements worthless. Police arrested the founder of the company, Sam Bankman-Fried, on charges of wire fraud, securities fraud, and money laundering. And as a result, FTX declared bankruptcy. (Via Forbes)
Tom Brady and Gisele starred in a $20 million advertising campaign for the company. And they had even shared TikTok videos alongside Bankman-Fried from FTX’s headquarters in the Bahamas. But now the scandal has cast a shadow over their involvement. And it also raises questions about their due diligence in endorsing the company.
It’s worth noting that Tom Brady and Bündchen were not the only celebrities promoting FTX. Comedian Larry David, tennis star Naomi Osaka, and Golden State Warriors guard Stephen Curry were also there. And now they are also facing a lawsuit filed by disgruntled FTX customers.