Tom Brady’s crypto partner, FTX, teeters on bankruptcy

NFL: NOV 06 Rams at Buccaneers
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Buccaneers quarterback Tom Brady has plenty of non-football business interests. He may soon have one fewer.

FTX is currently teetering toward bankruptcy.

The owner of the company, Sam Bankman-Fried, acknowledged the possible implosion of the company. I won’t pretend to understand the details or an industry I haven’t tried to figure out (and probably couldn’t even if I did), but I know this — when the owner of any company candidly admits “I fucked up” on Twitter, things aren’t good.

Brady won’t lose any of his own money. He received an equity stake in exchange for becoming a brand ambassador. And he put his own brand in motion to help promote FTX, in an obvious effort to enhance the value of his sliver of the operation.

His most recent tweet mentioning FTX was posted on October 15, as the presenting sponsor for Brady’s “TB Times” graphic prior to a game in Pittsburgh that the Buccaneers lost.

In a nutshell, FTX got caught in a liquidity crunch. Binance had a tentative deal in place to bail out FTX. That deal has recently fallen apart, sparking what could be a death spiral for the company and rendering Brady’s piece of the pie potentially worthless.

And it’s not just Brady. He and his ex-wife received ownership in the company in 2021, with Brady becoming the brand ambassador and Gisele Bundchen named the company’s environmental and social initiatives adviser. They appeared in a commercial in which the premise was Brady “wants a trade,” hinting it was about football before making it clear it was about making transactions on the FTX platform.

FTX also has a naming-rights deal with the Miami Heat’s home venue, an MLB sponsorship that includes umpire patches, and an arrangement with the Mercedes-AMG Petronas racing team in F1.

Obviously, Brady won’t go broke. But his crypto play could soon be going bust. And his carefully-cultivated TB12 brand necessarily will take a hit, given that he aligned with — and actively promoted — a business that could soon be collapsing like a proverbial house of cards.

33 responses to “Tom Brady’s crypto partner, FTX, teeters on bankruptcy

  1. To add insult to injury Tether just froze $46 million in us dollar tokens owned by Fried. Looks like things are only going to get worse for him…and crypto in general because this is supposed to be a decentralized network and freezing someone’s token assets is nearly unheard of.

  2. Cultivated TB12 brand? This guy worth millions and took out a PPP loan and got forgiveness.

  3. No one’s worrying about crypto’s impact on Tom’s net worth or brand. The question is how many admirers made poor investments with money they could not afford to lose. It’s a similar story with the NFL’s marketing of gambling.

    The NFL, owners and many of it’s players give a lot of time and money to good causes but does that really balance the scales of the undue influence the NFL leverages in state and local financing grabs and the marketing of questionable products?

    The NFL is great at entertainment but as a promoter of public good, the jury is still out.

  4. So you’re telling me that a business that makes money by convincing people to buy mostly worthless currencies in a relatively new and unregulated market and paid probably millions for marketing deals and to Brady might now be going bankrupt? Wow – who would have thought?

  5. The crypto industry is essentially selling digital pogs. Hope you have a really good slammer if you choose to invest.

  6. This is why we don’t listen to celebrity endorsers, they are being PAID to tell you to buy a product.

  7. All crypto currencies are going to ZERO, why is this so hard to understand?
    Useless tokens being sold to greater fools is not investing.
    This is the greatest Ponzi scheme in the history of the world.

  8. Brady won’t lose any of his own money.


    I don’t think that’s correct. Numerous outlets have posted that Brady and Giselle also invested with the platform in addition to the equity. Regardless of whatever they may lose, they have plenty more. Do they feel any responsibility in promoting what was essentially a scam? Probably not.

    Matt Damon sure didn’t after he got paid for the “Fortune Favors the Bold” commercial.

  9. I never understood how this guy was thought to be so rich; it was OPM stored on the exchange. Even if he got a % off the trades and some interest, it seemed like it didn’t add up.

  10. I hope Brady learns a lesson from this and stays away from promoting risky ventures like crypto–and NFTs. He won’t be harmed by losing the equity stake he was given, but a lot of people are going to take a damaging hit. It isn’t sexy, but they–and even wealthy football players–would be better off investing most of their money in a diversified portfolio of low-cost mutual funds.

  11. For some reason this news makes me happy. Am I gloating over another’s misfortune? Yes, I am.

  12. The problem with crypto began when tokens started coming out that didn’t have a use. Like doge for instance. It got popular because of some Musk tweets and everyone bought it, but it has no use, it’s a meme, unlike BTC which is used for payments around the world. Tokens with no use will always die eventually and take investors money with it. That doesn’t mean crypto is dead because there are still many that actually have purpose, but I think the wild west days of the past 2-3 years are definitely over, as is decentralization.

  13. Cultivated TB12 brand? This guy worth millions and took out a PPP loan and got forgiveness.

    You still do not know how PPP worked. Also, do you think Brady himself applied for the loan? Blame his business investors on that one.

  14. tigerlilac says: “The NFL is great at entertainment but as a promoter of public good, the jury is still out”

    Agree with the rest of the post, but I think that jury came back ages ago…fans just don’t want to admit that the NFL has but a single objective that it will pursue at all costs.

  15. paleandpasty says:
    November 11, 2022 at 1:28 am

    Cultivated TB12 brand? This guy worth millions and took out a PPP loan and got forgiveness.


    A PPP loan can only be forgiven if the funds were spent on payroll, employee benefits, and a limited number of business operations expenses. You have to submit evidence to support your request for loan forgiveness. The PPP program is not there to throw money at individuals for whatever they want. I don’t know why people who have no idea how the program works like to pop off about it so much.

  16. Anybody else ready for Brady to go off and join a Bunch or something? Overexposed, privileged, entitled, spoiled and childish. I cannot believe that fully grown men sit with their heads down on the bench and let this guy verbally blast them. For me the first time would have been the last, supermodel troubles or not.

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