The storm of the FTX scandal still circles the lives of a multitude of sporting superstars. This includes Warriors legend Steph Curry, the loveable Shaquille O’Neal, and retired NFL icon Tom Brady, among others. Handed with lawsuits after the collapse of the cryptocurrency exchange, the superstars are now presenting their rebuttals. But what is Brady’s excuse for advertising FTX?

Brand endorsements for celebrities are an everyday affair. TB12 blamed the lack of clarity behind the working of the crypto token, leading to fraudulent promotions. However, it has since been revealed that the former Tampa Bay Buccaneers quarterback had another extremely lucrative incentive waiting for him.

Tom Brady got more money from FTX than his entire NFL career earnings

Brady and his ex-wife Gisele Bündchen were among the many celebrities endorsing Sam Bankman-Fried’s cryptocurrency FTT token, FTX. Unfortunately, things turned south when FTX, which was valued at $32 billion, collapsed and filed for bankruptcy last year, wiping off billions of dollars in asset value. SBF was arrested on charges of public fund misappropriation and fraud.

So why did the Patriots QB and the rest dive headfirst into the FTX pool without knowing fully well the consequences attached? Money! SBF paid the celebrities exorbitant amounts to become ambassadors for his company. Veteran trader and short-seller Marc Cohodes provided a payout estimate during his appearance on Hedgeye TV.

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“FTX had everyone along the way paid off. They had politicians paid off. The media paid off. They had every single person paid off,” Cohodes said. “Tom Brady, best I can tell, made somewhere between $300 million to $400 million playing football. His entire career. Had a decent career. Long time. He was paid $650 million to be an FTX spokesperson,” he added.

That’s almost $350 million more than his average career NFL earnings.

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Cohodes clarified that much of that $650 million payout was in the form of equity in SBF’s company and the now worthless FTT tokens. However, the loss in equity is not the biggest concern for Brady, who has taken multiple pay cuts over his playing years to help out his team. It’s the $11 billion class action lawsuit the celebrities are facing.

Gisele Bündchen recently expressed major regret about her FTX involvement

While Tom Brady, Steph Curry, Naomi Osaka, Shaq, and many others fight the class action lawsuit against them, Brady’s ex-wife Gisele Bündchen recently opened up about the crypto saga. In an interview with Vanity Fair, Bündchen said that she was “blindsided.” “I’m no different from everyone else that trusted the hype. A sound and great thing based on what my financial advisors told me. It’s just terrible. I’m so sorry for all of us that this happened,” she added.

It’s estimated that Brady lost around $45 million in equity and Bündchen lost somewhere in the range of $25 million after the collapse of the company. The sporting community surely hopes for Brady and the rest of the celebrity defendants to find a way out of this dark and scandalous episode. The sooner it is, the better.

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