• Tom Brady and other celebrities are facing charges from investors of the failed crypto exchange FTX.
• Celebrities like Larry David, David Ortiz, and the Golden State Warriors were also involved in the lawsuit against FTX.
• Kim Kardashian was forced to pay a $100 million settlement for her involvement with a cryptocurrency project.
Tom Brady and Other Celebrities Navigate Through Crypto Crash
The crypto market has been volatile since 2021, with several well-known celebrities being caught in the fray. Tom Brady was one of many people who partnered with crypto exchange FTX, only to have it collapse late 2022 and leave customers owing an estimated $8.7 billion. Other high profile names like Kevin O’Leary, Shaquille O’Neal, and Kim Kardashian have all faced repercussions from their investment in cryptocurrencies or projects related to them.
Tom Brady’s Deal With Fallen Crypto Exchange
Tom Brady signed an endorsement deal with crypto exchange FTX in June 2021 and received $30 million as part of his agreement with the company. Unfortunately for him, when FTX declared bankruptcy last year it rendered that money virtually worthless – not to mention he may now be liable for taxes on some of the stock he received as well. Head of Partnerships at FTX, Sina Nader stated that Brady’s name was at the top of a list created by Sam Bankman-Fried (the founder) that included other prominent names such as Larry David, David Ortiz, and members of the Golden State Warriors team.
Other Celebrities Affected by Crypto Crash
Shark Tank star Kevin O’Leary was also paid $15 million by FTX to promote their services two months after Brady signed his own endorsement deal; however most of his payment was made in cryptocurrencies which are now worthless due to the company’s collapse. Basketball legend Shaquille O’Neal had legal papers served on him twice this year due to his involvement with Astrals – an unregistered Solana-based NFT project – while reality star Kim Kardashian had a costly run-in with the U.S Securities & Exchange Commission (SEC), resulting in a hefty $100 million settlement for her cryptocurrency venture.
Brady’s Autograph Venture
Tom Brady suffered further losses outside of his agreement with FTX; he founded Autograph which raised $200 million to help celebrities sell their NFTs (non-fungible tokens) but revenue tanked in 2022 causing them to pivot strategies from focusing solely on NFTs sales towards general celebrity loyalty instead .
Conclusion
Crypto exchanges don’t always end happily ever after; even superstars like Tom Brady can find themselves out hundreds of millions after investing considerable sums into these platforms or projects affiliated with them . Thankfully there are still plenty opportunities out there for those willing take risks within this unpredictable industry – just make sure you know what you’re getting into first!