Left Dealing With the Aftermath of the FTX Debacle, TB12’s Frantic Call Left Unanswered

Many in the NFL believe that everything Tom Brady touches turns to gold. Whether it’s Brady’s contract with the Fox Sports network or his ownership stake with the Las Vegas Raiders, TB12 continues to enjoy the admiration of his peers, and rightfully so. With a record seven Super Bowl rings to his name, Brady’s decision-making acumen holds up against scrutiny. But even the legendary signal-caller makes a few bad calls, and not all of them are easy to shake off.

On November 11th, 2022, the then-CEO of FTX, Sam Bankman-Fried resigned as the company filed for bankruptcy. With FTX going down the drain, millions of users lost their hard-earned savings. Also facing hefty losses were some big-time entrepreneurs and celebrities. TB12 happens to be one of them.

How the FTX bankruptcy affects Tom Brady

Back in 2021, Tom Brady signed an endorsement deal with FTX for $30 Million. At the time, almost all the payments made to TB12 were in the form of FTX stocks. Additionally, Brady’s ex-wife, Gisele Bündchen, was also paid $18 Million in FTX stocks. Since then, the company has shut down; the CEO is facing criminal fraud charges and the FTX user base has decided to hold Brady responsible for their downfall. Right after the chaos, Brady and Bündchen were sued by FTX users seeking compensation for endorsing the exchange.

Naturally, Brady wanted to speak to the FTX authorities but that didn’t exactly pan out as he imagined. FTX’s head of Partnerships, Sina Nader, confirmed receiving a phone call from Tom Brady but chose not to respond at the time, “I never would’ve expected to decline a call from Tom Brady,” he shared with the New York Times.

A former athlete himself, Nader was in charge of recruiting notable names to the FTX Brand. Nader put Brady in contact with Bankman-Fried and their conversations were promising. “Imagine a tiger and a lion talking, They’re slightly different, they do different things, but they’re really formidable in their own arenas.” shared Nader.

With FTX collapsing into the ground, Tom Brady seems to have landed in serious legal trouble. But he won’t be going to court alone. Several sports entities and celebrities are also on the list of people in trouble because of FTX.

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Who all are in trouble for endorsing FTX?

The lawsuit filed against Tom Brady accuses him of misleading investors. Also joining him as defendants are comedian Larry David, the N.B.A. star Steph Curry, and the tennis player Naomi Osaka, all of whom endorsed FTX.

Kim Kardashian made headlines for something similar last year. She had to pay the Security and Exchange Commission $1.26 million for endorsing the EthereumMax Crypto token. Jake Paul, Lindsay Lohan, and musicians including Soulja Boy and Lil Yachty are all potentially facing legal trouble for similar reasons that have to do with crypto.

Tom Brady’s fate with regard to the FTX debacle is yet to be decided. Meanwhile, crypto has definitely taken a few steps back and FTX can be pinpointed as one of the reasons.

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