Tom Brady and the lawsuit with the crypto exchange FTX

Tom Brady is getting increasingly involved in the lawsuit following the recent collapse of the crypto exchange FTX. 

The mounting cryptocurrency lawsuit is putting Tom Brady and his ex-wife, Gisele Bundchen, in ever more trouble. 

The crypto lawsuit against Tom Brady and Gisele Bundchen after the FTX disaster

Apparently, Tom Brady and Gisele are now divorced and apparently on decent terms with each other, but they are connected again following a lawsuit the couple is facing. 

In fact, the former couple had appeared in a commercial for the cryptocurrency FTX earlier this year and, all of this, led to allegations later on.

A fan of the New York Patriots, Brady’s former NFL team, invested tens of thousands of dollars in the now-bankrupt FTX exchange and claims he did so because of Brady’s endorsement. 

Specifically, Michael Livieratos transferred $30,000 from a rival cryptocurrency exchange to FTX and is now one of many joining a class action lawsuit seeking damages against several celebrities. 

Livieratos, in fact, recently told the Washington Post the following: 

“As a lifelong New England Patriots fan, you can imagine the influence Tom Brady had.”

The lawsuit, in fact, claims that Brady and his former partner Gisele Bundchen were “FTX ambassadors” and that they joined the company’s $20 million advertising campaign in 2021, filming a commercial in which they told acquaintances to join the FTX platform. 

Not only Brady: other celebrities are being sued 

Besides Tom Brady and his ex-wife, there are other big names mixed in with the lawsuit, including Golden State Warriors star Stephen Curry, NBA legend Shaquille O’Neal, “Shark Tank” investor Kevin O’Leary, and FTX founder Sam Bankman-Fried. 

In fact, former FTX executive Sina Nader told The Hollywood Reporter: 

“People generally hesitate when it comes to the unknown. Working with trusted people and institutions, people will look and say, ‘oh if Stephen Curry or Tom Brady or Gisele or Trevor Lawrence or the whole MLB feels comfortable with cryptocurrencies and FTX then maybe I can feel comfortable too.”

So, all indications are that other people’s involvement in the FTX crypto exchange has also been a direct cause of testimonials and publicity from celebrities, now being sued and accused of creating “false myths” around the platform. 

SBF, former CEO of FTX, and the arrest after the exchange’s collapse

In addition to the various celebrities, the greatest troubles after the collapse of FTX came for the former CEO, Sam Bankman-Fried. 

In fact, after filing for bankruptcy last month, the founder of FTX was arrested in the Bahamas and will be extradited to the United States pending the opening of the official file. 

The official arrest was announced by Ryan Pinder, attorney general of the Bahamas following the US government’s briefing of Bahamian authorities about the criminal charges filed against SBF and the possible extradition request. 

In parallel, US Attorney for the Southern District of New York Damian Williams confirmed the arrest with plans to open the formal indictment. Bankman-Fried was to participate remotely in testimony before the US Congress. 

With the filing of the bankruptcy petition, John J. Ray III was appointed as CEO to replace SBF. Ray has already been responsible for overseeing very high-profile liquidation proceedings following the outbreak of the Enron scandal in 2001. 

And, despite his experience in the industry, Ray had this to say:

“Never in my career have I seen such a failure of corporate controls and a total absence of reliable financial information.”

Indeed, the collapse of the FTX exchange generated a stir in the crypto world and beyond, driving down the value of so many other coins and companies by leaps and bounds, and leading to shaken investor confidence in CEXs.