Tom Brady’s crypto partner, FTX, files for bankruptcy

US Football League NFL plays in Munich
Getty Images

Tom Brady may be saying WTF in Germany, as he realizes that FTX has imploded.

Brady became a brand ambassador of the crypto exchange in 2021, receiving equity in the company and cryptocurrency as part of the deal. He promoted FTX on social media, and starred in a commercials for the company.

Today, FTX announced that it has commenced Chapter 11 bankruptcy proceedings. As part of the move, company founded Sam Bankman-Fried resigned as CEO.

It’s technically a reorganization. If a sufficient plan can’t be devised, it could become a liquidation.

Liquid is the word here. FTX faced a cash crunch that it couldn’t solve, so it needed to see the protection of federal laws that basically allow people and businesses to basically not pay their bills and start over.

FTX has had deals with the Miami Heat, MLB, and other sports teams, leagues, and figures. The marketing effort included a Super Bowl commercial starring Larry David as various characters from history resisted ideas that ended up working out.

And now, FTX prepares to enter the dustbin of history.

Brady’s equity stake in FTX quite possibly will be worthless when it’s all said and done. To the extent he invested other assets into the company, those could evaporate as well.

Fortunately for him, he’ll be making $37.5 million per year, once he starts working for Fox. Hopefully, he’ll put that money in the bank.

17 responses to “Tom Brady’s crypto partner, FTX, files for bankruptcy

  1. What about all the people that were influenced by him to invest, that don’t have a $37.5 million dollar job waiting to help them recover from their losses?

  2. If all he had was the equity stake, he didn’t lose a dime. Just the time spent being an influencer. Of course, if he put money in, that’s gone. No one knows if he did that.

    Not much different than actors taking a percentage of movie with just a relatively small pack check. If the movie tanks, oh well. If it does great, then wonderful.

  3. Crypto is the 21st century version of Dutch tulips (look it up). Bigger implosions are coming….

  4. The Kool Kids Monopoly money Ponzi scheme is falling apart.

    If a person doesn’t fully understand or comprehend how something works, they shouldn’t risk a dime on it. If you can’t walk into a bank with some Bitcoin and walk out with a stack of $100 bills, it’s a scam. No amount of snake-oil gibberish of an explanation will change that.

Leave a Reply

You must be logged in to leave a comment. Not a member? Register now!

This site uses Akismet to reduce spam. Learn how your comment data is processed.