Tom Brady Faces $30 Million Loss In Cryptocurrency Collapse, Legal Peril Ensues

Photo: Instagram/Tom Brady

According to The New York Times, Tom Brady has suffered a significant financial loss of $30 million due to the collapse of cryptocurrency company FTX.

In 2021, Brady had entered into an agreement with FTX, receiving $30 million in stock as compensation for his promotional work for the company on television ads and at conferences.

His former wife, Gisele Bundchen, also received a substantial amount of $18 million in stock. Unfortunately, FTX filed for bankruptcy in November of the same year, rendering the stock worthless.

Photo: Instagram/Tom Brady

Sam Bankman-Fried, the former CEO of FTX, is currently facing federal fraud-related charges, adding to the turmoil surrounding the company's downfall. Both Brady and Bundchen are now facing legal troubles as they are being sued by FTX investors who seek repayment from celebrity endorsers.

Other notable figures, including Shaquille O'Neal, Larry David, Naomi Osaka, and Stephen Curry, have also been sued in connection with the FTX case. The lawsuit alleges that none of the defendants, including Brady and Bundchen, conducted due diligence before promoting FTX products to the public.

The lawsuit was filed in federal court in Florida and accuses the celebrity endorsers of negligence in their marketing activities. Prior to its collapse, FTX had been valued at $32 billion, with Brady and Bundchen collectively holding $48 million worth of shares.

However, the company's value has plummeted, leaving their shares worthless. Despite this setback, Brady still ranked No. 50 on Forbes' 2023 list of the World's Highest-Paid Athletes, with earnings of $45.2 million from football salary and endorsements.

In other news, Brady was recently spotted at Fanatics mogul Michael Rubin's Hamptons Fourth of July White Party, where he was seen socializing with model Emily Ratajkowski. Reports had initially suggested a potential connection between Brady and Kim Kardashian, but according to a well-placed source, Brady and Kardashian barely interacted at the event.

Instead, he appeared to spend most of the evening with Ratajkowski, and they were seen together, looking cozy. Both Brady and Ratajkowski have yet to comment on the matter.

Read Next: Pelicans' Zion Williamson Could Be Traded For The Right Package, Says Insider

Source: Daily Mail
 

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