Already having a tumultuous fall, Tom Brady and Gisele Bündchen are among the likely losers in the stunning collapse of the FTX crypto exchange.
FTX faced a liquidity crunch earlier this week. FTT, a crypto coin that the exchange issued, plummeted in value. The domino effect left Sam Bankman-Fried’s FTX desperate for a bailout from rival firm Binance, which seemingly precipitated the FTT decline in the first place. As of Wednesday, the bailout is reportedly in danger of falling through after Binance apparently didn’t like what it saw in FTX’s books.
In 2021, Brady and Bündchen were announced as having taken equity stakes in FTX. Brady was a brand ambassador and appeared in commercials for the crypto exchange. Bündchen was named the company’s Environmental & Social Initiatives Advisor.
“It’s an incredibly exciting time in the crypto-world and Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities,” Brady said in a statement at the time. “This particular opportunity showed us the importance of educating people about the power of crypto while simultaneously giving back to our communities and planet. We have the chance to create something really special here, and I can’t wait to see what we’re able to do together.”
Said Bündchen: “It was fascinating getting to know more about the crypto universe! Cryptocurrency will become more and more familiar to all of us as time goes on. What attracted me most about this partnership was the potential to apply resources to help regenerate the Earth, and enable people to lead better lives, therefore generating real transformation in our society. Sam and I are both enthusiasts who share a belief that we are on this earth for a greater reason, and that we all have a role in safeguarding our planet. I look forward to working with the FTX team to create a positive impact in our world!”
Whether or not FTX is bailed out by Binance, Brady and Bündchen have likely lost a vast majority — if not 100 percent — of the value of their ownership stake in the firm.
It is the latest seismic event this season for the former power couple, who finalized their divorce in late October.
Brady and Bündchen are not the only figures in the sports world who could be affected by the FTX collapse. FTX is a big sponsor of MLB and is the naming rights holder for the Miami Heat arena. Steph Curry and Shohei Ohtani also have had public partnerships with FTX.