- Star NFL quarterback Tom Brady has come under fire for his crypto investments, as highlighted in a recent Netflix comedy roast.
- Brady and his ex-wife, supermodel Gisele Bündchen, are currently facing a class action lawsuit due to their involvement with the now-bankrupt crypto exchange FTX.
- The couple had taken an equity stake in FTX in 2021 and were paid their $30 million fee in FTT, the official token of FTX, which crashed spectacularly before FTX filed for bankruptcy.
Tom Brady and Gisele Bündchen face backlash and legal repercussions for their involvement with the bankrupt crypto exchange FTX, highlighting the risks celebrities face when endorsing cryptocurrency ventures.
Tom Brady’s Crypto Investments Under Scrutiny
During a recent Netflix comedy roast, host Kevin Hart made several pointed jokes about Brady’s affinity for Bitcoin and his ties to FTX. The roast served as a public platform to scrutinize Brady’s crypto investments, particularly his endorsement of FTX, which has since gone bankrupt. This has led to a class action lawsuit against Brady and Bündchen, who had taken an equity stake in FTX in 2021.
The Fallout of FTX’s Bankruptcy
Following the collapse of FTX, it was revealed that Brady and Bündchen’s $30 million fee was paid almost entirely in FTT, the official token of FTX. The token crashed spectacularly right before FTX filed for bankruptcy, leading to significant financial losses for the couple. They are now named in a class action lawsuit seeking to hold them accountable for encouraging people to use the exchange. Other celebrities, including Jacksonville Jaguars quarterback Trevor Lawrence and YouTube influencers Tom Nash and Kevin Paffrath, have already reached settlements.
Celebrity Endorsements and Crypto Risks
The case of Brady and Bündchen underscores the risks celebrities face when endorsing cryptocurrency ventures. As the crypto market remains highly volatile and unregulated, celebrity endorsements can lead to significant financial losses and legal repercussions. This case serves as a cautionary tale for other celebrities and influencers considering similar endorsements.
Conclusion
As the crypto market continues to evolve, the fallout from FTX’s bankruptcy and the ensuing lawsuit against Brady and Bündchen serve as stark reminders of the risks involved. Celebrities and influencers must exercise due diligence before endorsing cryptocurrency ventures to avoid potential financial and legal repercussions.
