White Knight of the crypto world tumbled after the FTX group filed for bankruptcy on Friday. The company that had the likes of Tom Brady and Gisele Bündchen is going through a dark phase, nearly vanishing 70% of its investor’s wealth and apparently, no backup plans. The tech billionaires of Silicon Valley, Elon Musk, and Mark Cuban recently called out the platform for its failed techniques.

The crypto world saw a surreal boost in popularity after athletes from all across the sports fraternity encouraged the fans with crazy endorsement campaigns. Especially players like Tom Brady, Steph Curry, and LeBron James were some of the big names who encouraged their followers to experience these modern techniques of wealth creation.

Last year, the NFL passer and his ex-wife Gisele Bündchen signed a deal with the crypto giant FTX. He serves as the brand ambassador of the venture.

Currently, the market is experiencing a huge dip, and the company couldn’t withstand the slump because of its poor investment techniques. Per reports, the CEO, Sam Bankman-Fried, resigned from his position after the news went public.

Twitter’s new owner Elon Musk, soon hopped in to discuss the matter online and spotted some truth bombs against Bankman-Fred and his way of executing things.

“To be honest, I’d never heard of him. But then I got a ton of people telling me [that] he’s got, you know, huge amounts of money that he wants to invest in the Twitter deal. And I talked to him for about half an hour. And I know my bullshit meter was redlining.” Musk said about the former CEO.

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“That dude is just—there’s something wrong, and he does not have capital, and he will not come through. That was my prediction.” Musk added, explaining his first impressions about Bank-man.

Will this impact Tom Brady and his humongous wealth?

Although Brady happens to be an investor in this market, it’s yet unclear how much he has lost so far. But the way other operators analyzed the current situation doesn’t look good for the company’s future.

“First, you’ve got to understand crypto. There’s speculation—that’s all the noise.” Tech Billionaire Mark Cuban commented on this issue. “Then there are things that have happened with [crypto platform] Voyager and with FTX now—that’s somebody running a company that’s just dumb as f*** greedy,” he added.

He explained that the venture was borrowing money without any limit just to push the market and its position, which certainly backfired as there was no backup to cover it. Well, further updates on the matter are yet to arrive.

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