Tom Brady Feels Betrayed After FTX’s Downfall
FTX’s founder, Sam Bankman-Fried, secured strategic partnerships with sports icon Tom Brady and supermodel Gisele Bündchen. This influential figure has been ushered in as an ambassador for the cryptocurrency exchange FTX, engaging in active endorsement across diverse platforms and events.
The New York Times confirmed Brady’s endorsement deal, valued at almost $30 million. Interestingly, the deal was predominantly of the now-collapsed FTX cryptocurrency platform shares. Moreover, details shared by journalist Michael Lewis indicate that the initial agreement promised Brady and Bündchen a deal worth $55 million and close to $20 million, respectively. In return, the celebrity couple committed 20 hours annually for three years. To provide context, Forbes noted that Brady earned roughly $30 million in one of his concluding NFL seasons with the Tampa Bay Buccaneers.
Tom Brady Distances from Troubled FTX
The professional ties between Brady and Sam Bankman-Fried, FTX’s founder, soon transcended business. A recent 60 Minutes interview with Lewis showcased the growing personal connection between the two. As per Lewis, Brady found Bankman-Fried intriguing and deeply valued his perspectives. Their rapport was playfully likened to the school’s top athlete forming a bond with the academic star.
However, as FTX faced tumultuous times, Brady’s emotional and financial ties with the company were severely strained. The once-promising shares became valueless. During a discussion with 60 Minutes presenter Jon Wertheim, Lewis highlighted Brady’s sense of betrayal, quoting the sports icon as saying, “He tricked me. I’m angry. I don’t want to have anything to do with it anymore.”
FTX-Linked Entities Encounter Legal Troubles
Additionally, recent reports from Coingape have unveiled legal troubles for the entities connected to FTX. The U.S. Securities and Exchange Commission (SEC) has lodged a lawsuit against Prager Metis. Accusations from the SEC suggest that from December 2017 to October 2020, Prager Metis crafted indemnification clauses in their client agreements. These stipulations compelled clients, 62 of whom were SEC-registered entities, to shield Prager Metis from liabilities stemming from intentional misinformation by their top-tier management.
Read Also: Why Is Gary Gensler Hiding FTX Documents? US House Chair Threatens Subpoena
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