Tom Brady And Gisele Bündchen Reportedly Lost Tens Of Millions Of Dollars

Once upon a time, FTX was a big deal in the world of cryptocurrency. In fact, it was endorsed by multiple celebrities including former NFL star Tom Brady and his wife at the time, Gisele Bündchen. Now, just like the celebrity couple is no longer a couple, FTX is no longer a company.

In November, FTX’s CEO, Samuel Bankman-Fried, stepped down as CEO, but it was too late for him to avoid being held responsible for a company that allegedly stole millions of dollars. Allegedly, the company transferred hundreds of millions of dollars from the U.S. to the Bahamas before declaring bankruptcy. The company was based in the Bahamas. That’s also where Bankman-Fried was arrested and charged with criminal charges.

Now many people, including Brady and Bündchen are facing massive consequences from their involvement in FTX. In exchange for endorsing the company as a brand ambassador, FTX had paid Brady $30 million in FTX stock. Meanwhile, in 2021, Bündchen was hired as an “environmental and social initiatives advisor,” and she was paid $18 million in FTX stock. Their stock is now worthless.

The bad news for Brady and Bündchen doesn’t end there. Even though Brady and Bündchen’s stock is worthless, they still have to pay taxes on the value of the stock they originally received.

In addition, Brady and Bündchen, as well as other celebrities who endorsed FTX, are facing a class action lawsuit from unhappy FTX customers. The lawsuit was filed in November 2022, and other celebrities listed as defendants include Larry David, Naomi Osaka, Steph Curry, and Shaquille O’Neal.

According to the lawsuit, the celebrities endorsing FTX made customers think it was a credible company when time has shown that wasn’t true. The lawsuit states, “Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment—like these Defendants—to raise funds and drive American consumers to invest … pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat.”

Class-action attorney Adam Moskowitz is representing the victims in the FTX lawsuit, and he claims, “The crypto industry needed celebrity endorsers to get any credibility.”