After Tom Brady and Stephen Curry, Premier League Star Loses 7-Figure Crypto Investment and is Desperate to Get It Back

The Premier League side Nottingham Forest had a pretty busy transfer window. After adding 22 players in the summer window, the club added the likes of Danilo, Gustavo Scarpa, and Keylor Navas to bolster their ranks. Since then, all the signings are settling in well at the club. They all arrived at the City Ground in a good mood. However, one of their signings, Gustavo Scarpa, is facing quite a predicament now.

Premier League star faces huge loss in crypto investment

A report came out stating that Gustavo Scarpa lost over $1 million after he invested in a cryptocurrency venture. The venture, unfortunately, failed, making him lose his investment. The player has filed a lawsuit in Brazil against the company in an attempt to recover all his money.

The 29-year-old had spent the majority of his playing time in Brazil with Fluminense and Palmeiras. Hence, it was during his time at Palmeiras that the midfielder, along with his teammate Mayke, decided to invest in the cryptocurrency company called WLJC, according to ESPN Brasil, reported by Mirror.

Sources reveal that Gustavo invested 6.3 million Brazilian rials, which is around $1 million, while Mayke put in 4.5 million rials, which is approximately $720,000. The duo were eyeing significant returns of 3.5 and 5 percent per month. However, the returns never materialized as the venture missed a deadline of August 19 last year. Thus, instigating Scarpa to file a lawsuit against three companies with the 10th Civil Court of Sao Paulo.

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Furthermore, reports suggest that Scarpa and Mayke aren’t the only players losing money. Several players of Fluminense and Palmeiras are also victims of fraud but haven’t filed a lawsuit.

Sports stars facing hefty lawsuits

While the talk of cryptocurrency and lawsuits occurred a few months ago, several sports stars also faced major lawsuits against them. The list includes the likes of Tom Brady, Stephen Curry, and Shohei Otani.

The stars faced a class-action lawsuit for their involvement in a cryptocurrency exchange, FTX, which eventually filed for bankruptcy. The CEO of the firm FTX, Sam Bankman-Fried, had resigned after his $16 billion worth of assets dropped in value.

The following individuals, including the CEO, were found responsible for causing damages worth $11 billion. The list also includes supermodel Gisele Bündchen, NBA star Stephen Curry, tennis phenom Naomi Osaka, former baseball superstar David “Big Papi” Ortiz, and Shark Tank’s Kevin O’Leary.

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All the named figures are incriminated for appearing in paid advertising campaigns and for promoting the firm.