Tom Brady Has Lost a Lot of Money Because of FTX
Tom Brady and his now ex-wife Gisele Bundchen have lost close to two million shares that were at one point, worth as much as $150 million in the now dead FTX crypto exchange. The famous pair were among the many celebrities that either served to endorse the company or engaged in advertisements and media for the firm.
Tom Brady Has Lost Tons of Cash
Aside from losing a crapload of money, Brady has also been named in a recent lawsuit (along with other sportsmen and celebs) that claims he caused many people to lose money in the now defunct exchange. By performing in ads and related media for the fraudulent firm, it’s alleged that Brady caused many people to see the FTX platform in a good light and invest their hard-earned funds into the exchange, resulting in their money going either into Sam Bankman-Fried’s pockets or disappearing altogether.
The timeline is Brady got divorced, lost a bunch of money, and is now getting sued. There is a black cloud hovering over the quarterback that doesn’t seem to want to vanish.
It was revealed in a new 68-page document surrounding the bankruptcy proceedings of the exchange that Bundchen and Brady were majority stakeholders. Brady alone held approximately 1.1 million common shares, which prior to the company’s collapse, were worth about $93 million. Bundchen, by contrast, held close to 700,000 shares, which were worth $57 million.
At one point, shares were trading for over $80 each. Now, they are worth less than a buck. Given the bankruptcy protections that the FTX exchange is now undergoing, it’s unlikely that the celeb pair will ever see any of that money again.
The lawsuit filed against Brady and so many others entered the court system through the efforts of attorney Edwin Garrison. He claims Brady and the other named defendants engaged in deceptive tactics to aid FTX with its criminal scheme. In a statement, he said:
Part of the scheme employed by the FTX entities involved utilizing some of the biggest names in sports and entertainment pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat.
One of the Most Embarrassing Moments for Crypto
The FTX fiasco will likely go down as one of the most embarrassing things to ever occur within the confines of the crypto space. Long considered the golden boy of the industry, FTX came about in only three years, first arriving on the scene in 2019. It was run by Sam Bankman-Fried, who was long considered a genius given the company was able to reach top five exchange status in the little time it was in business.
Not long ago, SBF was arrested on charges of fraud for allegedly misusing customer funds to pay off his other company’s loans and to purchase Bahamian real estate.
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