Tom Brady and his now ex-wife Gisele Bundchen have lost close to two million shares that were at one point, worth as much as $150 million in the now dead FTX crypto exchange. The famous pair were among the many celebrities who served to approve the corporation or engaged in advertisements and media for the corporation.
Tom Brady Has Lost Tons of Cash
Aside from losing a crapload of money, Brady has also been named in a recent lawsuit (along with other sportsmen and celebs) that claims he caused many people to lose money in the now defunct exchange. Publishing advertisements and associated media for the fraudulent business, It is alleged that Brady has led a lot of people to see the FTX platform in a good light and to invest their hard-earned money in the stock market, which means that their money goes to the pockets of Sam Bankman-Fried or disappears completely.
The timeline is that Brady divorced, lost a lot of money, and now he's being prosecuted. There's a dark cloud on the quarterback that doesn't seem to want to disappear.
It was revealed in a new 68-page document on the bankruptcy procedure that bundchen and brady were majority stakeholders. Brady alone held approximately 1.1 million common shares, the value of which was approximately $93 million before the company collapsed. By contrast, Bundchen held approximately 700,000 shares, valued at $57 million.
At one time, the stock sold for more than $80 each. They're only worth a dollar. Given the bankruptcy protections that the FTX exchange is now undergoing, it’s unlikely that the celeb pair will ever see any of that money again.
Brady's trial and so many more have entered the justice system thanks to the efforts of lawyer Edwin Garrison. He asserts that Brady and the other accused engaged in deceptive tactics to help FTX with its criminal plan. In a statement, he said:
Part of the scheme employed by the FTX entities involved utilizing some of the biggest names in sports and entertainment pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat.
One of Crypto's most uncomfortable times.
The FTX fiasco is probably about to fall as one of the most embarrassing things to ever happen within the limits of crypto space. Long regarded as the industry's golden boy, ftx was born in just three years, reaching the stage for the first time in 2019. Sam Bankman-Fried was in charge, which has long been regarded as a genius given that the company has been able to achieve the top five of trading status in the short time it was in business.
Not long ago, SBF was arrested on charges of fraud for allegedly misusing customer funds to pay off his other company’s loans and to purchase Bahamian real estate.