The crash of FTX, which filed for bankruptcy and its CEO Sam Bankman-Fried resigned after its assets plummeted from $16 billion in its inception to virtually zero, has fallen on several sports figures involved in the cryptocurrency exchange .
Tom Brady, Stephen Curry e Shaquille O’Neal are among the sports stars involved with FTX and among the defendants in a class action lawsuit against the company filed in the U.S. District Court’s Southern District of Florida alleging that the athletes and Bankman-Fried violated state law and have caused consumers to suffer more than 11 billion dollars in damages as they controlled, promoted and took an active part in the ‘aggressive’ marketing activity of FTX, which in recent weeks has revealed itself to be a fraudulently managed exchange as admitted by the bankruptcy trustee che took over from SBF at the helm of the company.
Tom Brady and his now ex-wife Gisele Bundchen I am among the famous investors in FTX; the two acquired significant equity stakes in the company in 2021 . The Tampa Bay Buccaneers quarterback served as a brand ambassador for the company and starred in its commercials, receiving cryptocurrency in exchange, while Bundchen was appointed as a consultant on the company’s environmental and social initiatives.
The list of sportsmen called into question is decidedly long. Stephen Curry, a four-time NBA champion with the Golden State Warriors, for example, entered into a partnership with FTX last September that gave him an equity stake in the company. Tennis star Naomi Osaka made a similar move last spring. Los Angeles Angels star Shohei Ohtani was also an ambassador for FTX and reportedly received all compensation in company stock and cryptocurrencies.
FTX also boasted major sponsorship and business deals with teams and leagues. Last December, FTX entered into a $10 million sponsorship with the Golden State Warriors. FTX also held the naming rights to the home arena of the Miami Heat and was a sponsor of the Mercedes Formula 1 team. On November 11, the Heat released a statement saying they are ending their relationship with FTX and are now seeking a new naming rights partner for their arena.