NBA Legend Shaquille O’Neal Caught Up in ‘$32 Billion Crypto Deception’ That Could Empty Tom Brady and Gisele Bündchen’s Bank Accounts Completely

See you in the court

The founder of FTX Sam Bankman-Fried faces criminal investigation after the collapse of the $32 billion company. And some FTX account holders are also suing celebrity endorsers like Shaquille O’Neal, Gisele Bündchen, Tom Brady, tennis star Naomi Osaka, and others. A case has been filed against those involved in a Super Bowl advertisement for FTX.

The suit, filed on the behalf of an Oklahoma-based investor, claims that the celebrity endorsers used deceptive practices to promote the FTX products. “Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment pouring billions of dollars into the Deceptive FTX Platform to keep the whole scheme afloat,” the lawsuit claims.

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Apart from the celebrity endorsers, ‘Shark Tank’ investor Kevin O’Leary also finds himself in the suit. The whole saga could cost everyone involved billions of dollars combined, emptying the bank accounts of some in the process.

Investment by Tom Brady and Gisele Bündchen

Tom Brady and Gisele Bündchen invested in FTX in 2021, attaching almost their entire $600 million net worth to the company. The cryptocurrency market was bullish at the time, and it was a good time to invest.

The equity deal, signed in June 2021, made Brady the brand ambassador of the company. The Tampa Bay Buccaneers star’s now ex-wife Bündchen landed an environmental and social initiatives adviser role in the crypto exchange.

That was 2021. Now, the exchange has collapsed in value. The cryptocurrency market is not the same anymore and there are more regulations around it in the world than last year. Crypto giant Binance offered to buy out the company to try to rescue it. But that deal lasted just a day as Binance pulled out of it citing corporate due diligence. Now the governments of the US and Bahamas (the country where the company is based) are in talks to bring Bankman-Fried to America.

Many are seeing the fall of FTX as the ‘Lehman Shock’ for the cryptocurrency market in general. The bigger question is, what is the future of the blockchain currencies?

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