Tom Brady reportedly lost a startling $30 million in the FTX Stock After Exchange’s Collapse, according to a recent report.
In a shocking turn of events, former NFL quarterback Tom Brady finds himself embroiled in a legal battle over the collapse of the crypto exchange FTX.
Reports indicate that Brady, along with other prominent celebrities, is facing lawsuits from disgruntled FTX customers who allege that their endorsements led them astray. Notably, Brady’s involvement has resulted in the loss of tens of millions of dollars in FTX stock, adding another twist to this high-profile cryptocurrency debacle.
Tom Brady and Bündchen Received Millions in FTX Stock Payments
According to a recent report by The New York Times, veteran NFL quarterback Tom Brady received a staggering $30 million from FTX, primarily in the form of company stock.
Prior to its November 2022 bankruptcy filing, Brady had been featured in commercials as an ambassador for the digital asset exchange.
Notably, his former spouse, supermodel Gisele Bündchen, also received $18 million in FTX stock. The value of the stock has significantly plummeted following the collapse of FTX, which was once among the largest cryptocurrency trading platforms.
Additionally, the platform’s founder currently faces a criminal trial.
FTX Customers Sue Celebrities, Including Tom Brady and Gisele Bündchen
A lawsuit has been filed by disgruntled FTX customers naming former couple Tom Brady and Gisele Bündchen, along with other celebrities, for their endorsements of the failed crypto exchange.
The promotion of the platform extended to tennis star Naomi Osaka and Golden State Warriors guard Stephen Curry, among others. NBA Hall of Famer Shaquille O’Neal was also part of the group, having received a legal notice in April after reportedly evading service for an extended period of time.
According to the New York Times, Tom Brady and Gisele Bündchen, the power couple, were featured in a notable $20 million advertising campaign for FTX, a cryptocurrency exchange. Brady even shared TikTok videos alongside Sam Bankman-Fried, the company’s founder, from the FTX headquarters in the Bahamas.
However, Bankman-Fried encountered legal troubles when he was arrested in the Bahamas in January and later extradited to the United States. He faced charges of defrauding investors.
The newspaper also reported that Taylor Swift, the renowned pop icon and Grammy Award winner, engaged in discussions with FTX for a potential partnership worth up to $100 million.
Unfortunately, Bankman-Fried eventually withdrew from the deal, as per sources familiar with the agreement.
For constant updates, keep following Gamevro.