FTX fallout: Celebrities caught up in crypto crash

(NewsNation) — FTX revealed in court filings it owed around 1 million creditors, many of them individual investors.

In just three years, the collapsed crypto exchange company was valued at $32 billion. And much of that success came by getting some of the biggest names in the entertainment world to back their brand.

Among the biggest losers in this crash are Tom Brady and Giselle Bundchen.

The former couple’s estimated stake before the crash was about $70 million combined. Among their now deflated assets is their roles within the company. Both served as ambassadors, and Giselle was an advisor for the company’s environmental and social initiatives.

There’s also Steph Curry, the NBA star and equity stakeholder. He served as a global ambassador for the company, and his charity Eat. Learn. Play. was also partnered with FTX on charitable initiatives.

Other athletes include tennis star Naomi Osaka, Jaguars quarterback Trevor Lawrence and LA Angels Shohei Ohtani.

Ohtani’s famous deal included only being paid in company equity and cryptocurrency. Both are now nearly worthless under the FTX umbrella.

FTX’s sports strategy really made the exchange a household name, becoming the MLB’s official cryptocurrency exchange and striking a $135 million dollar naming rights deal with Miami Heat.

The Heat and its arena has dropped the name and are looking for a new sponsor, but FTX is still on the hook for more than $16 million.

Rush Hour

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