Despite being in a celebratory mood, Tom Brady has encountered a series of challenges in recent months. He concluded his 13-year marriage to fashion model Gisele Bündchen and decided to retire from his illustrious football career, which spanned over two decades. In addition, Brady experienced a substantial financial setback due to the FTX $8 billion cryptocurrency crash.

Earlier this year, reports surfaced indicating that former New England Patriots QB Tom Brady, along with other prominent investors, faced the prospect of their FTX shares becoming worthless following the company’s bankruptcy. A recent report has shed light on further details surrounding this fallout, revealing that during the FTX crash in November, someone affiliated with the company declined an urgent call from Tom Brady.

The company head had nothing to say to Brady!

According to RemovePaywall, when the FTX cryptocurrency exchange encountered a collapse, Tom Brady, the renowned Super Bowl-winning quarterback, made an urgent attempt to contact Sina Nader, FTX’s head of partnerships. However, Nader, who was engrossed in a crisis meeting with FTX founder Sam Bankman-Fried, had no alternative but to decline Brady’s call. In a recent interview with the New York Times, Nader disclosed this information. Brady’s concerns were valid as he had substantial investments at risk.

As an “ambassador” for FTX, Brady actively participated in company events and endorsed the exchange in TV commercials, with a significant portion of his endorsement agreement being paid in FTX stock. Individuals familiar with the contract have revealed that Brady entered into an endorsement agreement with FTX in 2021, wherein he received $30 million worth of FTX stock as payment. Similarly, Brady’s former wife, supermodel Gisele Bündchen, reportedly received compensation amounting to $18 million worth of FTX stock. However, the FTX filed for bankruptcy, and the FTX stocks that Tom Brady and Gisele Bündchen received as compensation became valueless. Also, the legal challenges faced by Bankman-Fried have further complicated the situation.

How Sam Bankman-Fried allegedly embezzled $8 billion of customer funds

Bankman-Fried, a finance-savvy individual, founded Alameda Research in 2017, an arbitrage shop specializing in buying Bitcoin at a lower price and selling it for a higher price on different exchanges. In 2019, he co-founded FTX.com, an international cryptocurrency exchange known for its innovative trading features.

However, federal regulators discovered that Bankman-Fried had been using customers’ cryptocurrency deposits without their knowledge or permission for Alameda’s speculative investments. This constituted fraud, resulting in criminal charges against him. Despite FTX’s initial success and high trading volumes, the focus shifted to the misuse of customer funds, tarnishing Bankman-Fried’s entrepreneurial journey. Brady, Bündchen, Shaquille O’Neal, and Stephen Curry are among the notable figures who are facing lawsuits filed by FTX customers.

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These customers claim that FTX, the company in question, engaged in fraudulent activities. The allegations suggest that the company committed fraudulent acts, and as a result, these well-known individuals are now involved in legal proceedings.

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