USA Today via Reuters
Nov 13, 2022; Sacramento, California, USA; Golden State Warriors guard Stephen Curry (30) puts up a shot during the first quarter against the Sacramento Kings at Golden 1 Center. Mandatory Credit: Ed Szczepanski-USA TODAY Sports
USA Today via Reuters
Nov 13, 2022; Sacramento, California, USA; Golden State Warriors guard Stephen Curry (30) puts up a shot during the first quarter against the Sacramento Kings at Golden 1 Center. Mandatory Credit: Ed Szczepanski-USA TODAY Sports
Crypto platform FTX recently filed for bankruptcy after it collapsed from a $32 billion valuation to near-zero within just days. The founder and CEO Sam Bankman-Fried is reported to battle against a class-action lawsuit that detailed his fraudulent scheme. In the same lawsuit, other high-profile names including sporting icons like Stephen Curry, Shaquille O’Neal, Naomi Osaka, Tom Brady, and Gisele Bundchen among many others have cropped up for endorsing it or being active participants.
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Bankman-Fried tried to include his business from a Super Bowl ad to Cade Cunningham’s entire signing bonus deal.
FTX once had over one million users who all fell into a state of dismay and shock as they were unable to access their money or even withdraw it. The chances of recovering their losses would reportedly be slim. Cryptocurrency is well known for its high risk and volatility, but the investors now reportedly want to keep the endorsers in check.
FTX’s bankruptcy has led to the demise of several sports-related deals.
Now, a consortium of investors has sued its founder — along with several high-profile athletes who promoted the cryptocurrency exchange.@Justin_A_Byers has more ⤵️https://t.co/Mq1ovZXt9k
— Front Office Sports (@FOS) November 17, 2022
Stephen Curry’s name became a large association with FTX as he was part of a promotional video. The narrative of the video has been challenged. The ad stated that people need not be crypto experts to invest their money. The suit against him explicitly stated that Stephen Curry was selling accounts to “unsuspecting and unwitting retail consumers”.
USA Today via Reuters
November 11, 2022; San Francisco, California, USA; Golden State Warriors guard Stephen Curry (30) shoots the basketball against Cleveland Cavaliers guard Caris LeVert (3) during the fourth quarter at Chase Center. Mandatory Credit: Kyle Terada-USA TODAY Sports
Notably, the Golden State Warriors superstar also had an NFT partnership with FTX.
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Stephen Curry is not alone in this lawsuit
Tom Brady and his ex-wife Gisele Bundchen also did a similar video, titled, ‘FTC. You in?’. They were also among the shareholders of the company. Shaquille O’Neal has also been targeted and named a defendant in this lawsuit.
Watch This Story: Highest Paid Players on Stephen Curry’s Warriors After Latest Contract Extension for Jordan Poole and Andrew Wiggins
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Since the fall of FTX, several organizations have severed ties with them. The Warriors franchise said that they “paused FTX-related promotional assets”. Tom Brady has reportedly erased multiple tweets that showed any kind of connection with FTX or Bankman-Fried from his Twitter timeline.
Do you think Stephen Curry and Shaquille O’Neal will respond to the lawsuit? Let us know your thoughts in the comments section below.
