Steve

Read

In a stunning turn of events, former NFL quarterback <a href="https://crypto.news/learn/how-to-buy-a-tom-brady-nft/">Tom Brady</a> faces financial turmoil after losing a staggering $30 million in the collapse of cryptocurrency giant FTX.&nbsp; 
The now-worthless shares were part of Brady’s arrangement with FTX in 2021 when he was still an “ambassador” for the firm. Gisele Bundchen, his ex-wife, lost $18 million on worthless stock investments. 
Since<a href="https://crypto.news/ftx-files-for-bankruptcy-protection-ceo-sam-bankman-fried-steps-down/"> FTX declared bankruptcy</a> in November last year, Brady has suffered significant financial losses and faces legal trouble due to the company’s demise. 
After divorcing in October, Brady and Bundchen are now sued by FTX investors seeking payback from celebrity endorsers. The case, filed in federal court in Florida, names as defendants basketball great Shaquille O’Neal and many other individuals who allegedly failed to do enough research before endorsing FTX goods to the general public. 
 You might also like: <a href="https://crypto.news/former-ftx-compliance-chief-supports-lawsuit-against-celebrity-promoters/"> Former FTX compliance chief supports lawsuit against celebrity promoters </a> 
Including the $48 million in shares owned by Brady and Bundchen, FTX had a worth of $32 billion when it collapsed. But now that the firm is worthless, the famous couple and their fellow investors are discouraged. 
Seven-time Super Bowl winner Brady has lost $45.2 million in earnings from his football salary and endorsements, leaving him in 50th position on Forbes’ 2023 list of the world’s highest-paid sports. 
<h2 class="wp-block-heading" id="other-celebrities-who-lost-money-in-crypto-and-nfts">Other celebrities who lost money in crypto and NFTs</h2> 
Many more well-known people have lost money due to the unpredictability of cryptocurrency and NFT investments. 
YouTube personality Logan Paul, for instance, saw an <a href="https://crypto.news/learn/a-complete-guide-to-nfts/">NFT</a> he purchased for over half a million dollars plummet to just $10. 
Similarly, British rapper and YouTuber KSI suffered a multimillion-pound loss after investing in the <a href="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/" data-type="URL" data-id="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/">LUNA</a> crypto token, which ultimately collapsed to almost zero. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="The top 10 celebrity NFT Crypto losses in 2022" width="1020" height="574" src="https://www.youtube.com/embed/8YBsoJlUMaM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
After investing over $1 million in two NFTs from Bored Apes Yacht Club, football sensation Neymar Jr. ventured into the NFT sector but saw a significant loss in value. 
Famous DJ and record producer Steve Aoki saw a major reduction in the value of his NFT collection, with one piece, a “Doodles” NFT, falling from about $346,000 to $42,000. 
These individual losses are in addition to the far-reaching effects that a class-action lawsuit against FTX is likely to have. The Moskowitz Law Firm estimates that the damages from the case against celebrity endorsers like Brady and O’Neal might surpass $5 billion. 
 Read more: <a href="https://crypto.news/former-ftx-boss-reportedly-rejected-partnership-with-taylor-swift/"> Former FTX boss reportedly rejected partnership with Taylor Swift </a>

Tom Brady faced millions in losses from FTX’s collapse

Table of Contents

crypto.news

Other articles published on Jul 10, 2023

XRP and Shiba Inu (SHIB) Aim to Punish Bears, Santiment Reveals Secret Sauce

Building The DONS Brand

Ethereum Triggers Correction Toward $1,900 – Will Bulls Support ETH Price Further?

Arkham launches on-chain crypto data and blockchain intelligence marketplace, receives mixed reac...

Crust Network Lands Multi-Million Dollar Investment from DWF Labs to Expand Decentralized Storage...

How Coinbase Became a Beneficiary of Six Bitcoin ETF Applications

Join our free newsletter for daily crypto updates!