After Multi-Billion Dollar Troubles for Stephen Curry, Tom Brady, Gisele Bundchen and Serena Williams, Celtics Legend Takes a $1.4 Million Bank Account Hit

In November 2022, the collapse of FTX, a cryptocurrency exchange, sent shockwaves through the crypto and sporting worlds. FTX CEO Sam Bankman-Fried found himself in trouble with the law. Subsequently, a cloud of worry covered the investors of the company. The investors mainly being athletes like Naomi Osaka, Stephen Curry, Shaquille O’Neal, Tom Brady, and his ex-wife Gisele Bundchen. As these names made headlines, the CEO and the pack of investors found themselves at the center of a lawsuit. 

As reported by TMZ, the lawsuit claimed that FTZ ran “a fraudulent cryptocurrency scheme designed to take advantage of unsophisticated investors from across the country.” Additionally, the lawsuit read that the investors were involved in this scheme. Supposedly, the star-studded panel of investors helped FTX raise funds and ensure citizens invested in the company. With this in mind, the lawsuit sought to charge Curry and co. While this situation develops, the crypto world is proving to be unkind to others; like NBA Legend Paul Pierce and Tennis Legend Serena Williams.  

NBA Legend’s bank account takes a hit

Earlier in the day, TMZ reported that NBA Legend Paul Pierce was in trouble with authorities after promoting crypto online. Supposedly, the Securities and Exchange Commission stated that Pierce flaunted EthereumMax “without disclosing the payment he received for the promotion.”

Read More: “Stephen Curry Printing Crypto”: Shaquille O’Neal Bet on $32 Billion FTX and Almost Lost Big Chunk of His Net Worth

The report continued to claim that the promotion was false and misleading. Pierce received a sum of $244k. Following these troubles, the NBA Legend agreed to settle the matter and pay over $1.409 million dollars as penalties. The SEC head encouraged celebrities to be careful with their investments and endorsements.

While many lawsuits against athletes and celebrities are in progress, Pierces happens to be one of the first to take an official hit and settle the issue. The SEC head said, “This case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities.”

A lawsuit against Serena Williams and Stephen Curry

The FTX case isn’t the only one involving celebrities and athletes. In December 2022, Serena Williams and Stephen Curry found themselves in the middle of a lawsuit. The lawsuit was filed after authorities noted a huge increase in NFTs.

Reportedly, the lawsuit reads that “celebrity endorsement artificially increased the interest and value of the BAYC NFTs and Yuga Labs’ Apecoin crypto tokens.” This led to huge losses for those buying and investing time into the companies. This is the second lawsuit against Stephen Curry – the first one involving FTX.

Watch This Story: K-Pop Star Suga of BTS Meets Stephen Curry and the Warriors

It is important to note that these lawsuits are still in the works and a settlement hasn’t been drawn. As of now, Paul Pierce is one of the first to get a verdict against his name.