Tampa Bay Buccaneers quarterback Tom Brady is being mocked for investing big in FTX, a cryptocurrency company that is now being accused of financial crimes.
As the Twitter empire falls apart due to resignations, questionable terminations and a verification meme-a-thon, there’s another swift tech scandal that has massive financial implications.
Within a week, cryptocurrency company FTX filed chapter 11 bankruptcy protection on Friday, with reports indicating that the company doesn’t possess the funds to reimburse investors.
This intersects with the sports world, where FTX has landed major partnerships that helped to solidify their reputation. The company won the naming rights to the Miami Heat’s arena and counts Tom Brady and Steph Curry among its celebrity investors. According to MarketWatch’s Weston Blasi, “Brady served as an ambassador for the company and Bündchen was FTX’s Environmental & Social Initiatives Advisor.”
With Brady, who has filmed commercials for FTX and shared social media clips with FTX founder Sam Bankman-Fried, the public discourse around Brady’s most recent loss is aghast by how much Brady may have sunk into FTX.
For those looking for some quick insight into the crypto catastrophe, here’s a 90-second explanation of the situation.
Las September, Brady and ex-wife Gisele Bündchen starred in an FTX commercial that hasn’t aged well amid recent developments.
