Tom Brady and cryptocurrency: Full timeline of retired QB’s $30,000,000 FTX loss

Tom Brady, a former quarterback for the Tampa Bay Buccaneers, has lost 30 million dollars in stock in the insolvent cryptocurrency exchange FTX.

FTX used to run a hedge fund and cryptocurrency exchange before it declared bankruptcy in November 2022. Former CEO, Sam Bankman-Fried and CTO Gary Wang created the exchange in 2019. At its highest point in 2021, it had more than one million customers and ranked third in terms of revenue.

FTX Customers are now suing a number of famous people for endorsing the defunct cryptocurrency trading platform, including Brady. Before the virtual currency exchange sought bankruptcy protection in November, the seven-time Super Bowl champion starred in advertising for the company.

The New York Times claims that Brady and his former wife Gisele Bündchen were the faces of a $20 million commercial promotion for FTX. Bankman-Fried and Brady even shared Tiktok clips from the FTX headquarters in the Bahamas. Following his detention and subsequent extradition to the United States six months ago, Bankman-Fried has been charged with scamming shareholders.

Prior to FTX Trading's bankruptcy, Brady owned more than 1.1 million of the company's common shares.

Bundchen lost a large chunk of her wealth in the deal, along with her now ex-husband. According to reports, she had 680,000 FTX shares.

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Alongside Tom Brady, which other celebrity endorsed FTX?

The once-valuable $32 billion FTX has lost all of its value, leaving the famous backers of the company stranded in the middle of nowhere.

FTX investors, who demand money from famous endorsers have filed lawsuits against both Tom Brady and Gisele Bundchen, who separated last year. Shaquille O'Neal, an NBA legend, has also been sued in the FTX case, along with Kim Kardashian, Larry David, Lindsay Lohan, Naomi Osaka, and Golden State Warriors star Stephen Curry.

The New York Times also said that Taylor Swift and Katy Perry were interested in working with FTX, the partnerships never materialized. Although it appeared as though they were missing out on a huge paycheck at the time, they are likely relieved to be not involved in the whole situation.

Despite the loss, Tom Brady, 45, continues to rank among the world's richest sportsmen. He is ranked No. 50 on the Forbes World's highest-paid athletes list with a combined football salary and endorsement revenues of $45.2 million.