Tom Brady’s involvement with the FTX cryptocurrency trading platform may go down as one of the worst business decisions of his legendary career.
According to a new report from The New York Times, Brady and his then-wife, supermodel Gisele Bündchen, signed endorsement deals with FTX worth a combined $48 million ($30 million for Brady; $18 million for Bündchen).
However, they took their payment in FTX stock options which are now worthless after a scandal rocked the company and saw former CEO Sam Bankman-Fried federally charged for what prosecutors allege was a massive Ponzi scheme.
Brady and Bündchen, for their part, have been sued by “a group of FTX customers seeking compensation from the celebrities who endorsed the exchange.” That includes the likes of Paris Hilton, Snoop Dogg, Reese Witherspoon and Matt Damon—just to name a few.
“In 2021, Mr. Brady also co-founded Autograph, which helps famous people sell the crypto collectibles known as nonfungible tokens, or NFTs. Autograph raised more than $200 million from investors, and Mr. Bankman-Fried joined the board,” Erin Griffith and David Yaffe-Bellany reported for The Times.
Brady and Bündchen have yet to publicly comment on the scandal.
The NFL world, however, was quick to react to the news of Brady’s shocking predicament:
He can use his PPP $$ for this. https://t.co/gmU4g33yTs
— WhatTheFlock? (@DirtyOldBroad) July 6, 2023
If you gambled on something because tom brady or gisele bundchen "endorsed it"…..I have ZERO sympathy…..you bozo… https://t.co/MJ0fCqh4v1
— Jay – Upper East Side Hawk (@wasUESH) July 6, 2023
Breathtaking how this story seems to mention almost every horrible person on Earth https://t.co/AhLKSUMwTH
— Turn Off the System (@IronHelpsUsPlay) July 6, 2023
— Christine Galea (@chrisgalea) July 6, 2023
Taylor Swift did her research and said no🙌👏.
— ashley (@Mrsgetburly) July 6, 2023