Stephen Curry and NFL Legend Tom Brady Suffer FTX Business Deal Nightmare

Published 11/22/2022, 3:30 PM EST

Stephen Curry is probably regretting his decision to tie up with FTX. And not just the Golden State Warriors superstar, riding on the same boat are NFL legend, Tom Brady and MLB star, David Ortiz. All three of them have endorsement deals with the cryptocurrency trading platform. However, the recent step taken by FTX has caught the attention of the Texas State Securities on Steph, Brady, and David.

The downfall of FTX has reportedly affected millions of creditors. The company recently filed for bankruptcy due to a ‘severe liquidity crisis’. This announcement was made after the company’s CEO, Sam Bankman-Fried resigned from his position on November 11. Immediately after his resignation, the company appointed John J. Ray III as the CEO. Since then, the company has remained under media scrutiny. And now, it seems like Stephen Curry and Tom Brady are being dragged into the matter as well. Given that they had endorsed FTX, the Texas State Securities are reportedly keeping a close eye on them.

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The director of enforcement, Joe Rotunda stated that the agency is going through the transactions made to the big names who had promoted the company. However, Rotunda also clarified that the endorsement deals are not the primary focus of the investigation. They are only making sure to cover all the bases.

FTX customers files lawsuit against Stephen Curry, Tom Brady, and other big names

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There have been several cases where customers of the cryptocurrency exchange company had filed lawsuits against celebrities. Earlier, an Oklahoma resident had filed a lawsuit against several celebrities namely Stephen Curry, Tom Brady, Gisele Bundchen, Shaquille O’Neal, Udonis Haslem, and others. Brady and his ex-wife had bought stakes in the company and had also appeared in commercials for promotions. The investor accused them of publicizing a deceiving platform that duped its investors.

“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 against Brady and Bundchen states.

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The FTX company reportedly owes about $3.1 billion to its largest creditors. As of now, there is no saying that all the investors will be reimbursed the entire amount, though the chances of that happening are low.

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Written by:

Siyari Debbarma is an NBA writer for EssentiallySports. She is currently pursuing a degree in Civil Engineering from Abascus Institute of Engineering and Management. She previously interned at the Y-East Organization as a content writer.

Edited by:

Jayant Chhabra

Stephen Curry and NFL Legend Tom Brady Suffer FTX Business Deal Nightmare

FTX customers files lawsuit against Stephen Curry, Tom Brady, and other big names

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