“You Can Be Liable”: Top Stars Tom Brady, Gisele Bündchen, and Stephen Curry Named in Lawsuit Against FTX

Published 11/16/2022, 10:35 PM EST
Oct 23, 2022; Charlotte, North Carolina, USA; Tampa Bay Buccaneers quarterback Tom Brady (12) reacts to an incomplete pass during the second half against the Carolina Panthers at Bank of America Stadium. Mandatory Credit: Jim Dedmon-USA TODAY Sports

FTX’s financial collapse is an awakening call for superstars. Tom Brady, his ex-wife Gisele Bündchen, Stephen Curry, and Shaquille O’Neal are all named in the class action lawsuit filed against the FTX. The lawsuit, filed in Florida, demanded to take action against the principal of FTX, Sam Bankman-Fried.

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Regarding the suit, Florida lawyer Adam Moskowitz said the celebrities can be liable. He detailed how the top stars apparently misled the investors. “There’s case law right on point that unless you tell people you’re getting paid and how much you’re getting paid and what your incentive is, you can be liable,” Moskowitz, who represents an FTX investor, told Fox News. Besides TB12 and Curry, the Golden State Warriors team also found a name in the suit. None of the celebrities reacted to the development so far. 

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How much did Tom Brady lose?

The collapse was inevitable as FTX was a “house of cards”. It intended to target the investors using various celebrities, argued the lawsuit. Further, such accounts violate both Federal and Florida laws.

Nov 6, 2022; Tampa, Florida, USA; Tampa Bay Buccaneers quarterback Tom Brady (12) hands off to running back Rachaad White (29) against the Los Angeles Rams in the third quarter at Raymond James Stadium. Mandatory Credit: Nathan Ray Seebeck-USA TODAY Sports.

Earlier, NFL GOAT Tom Brady had lost millions in the FTX crisis. The exact figure is yet to be known. The details are not yet in the public domain. In 2021, Tom Brady and Gisele Bündchen co-starred in a $20 million ad campaign. In return, they received an equity stake in the company. 

Why did FTX target NFL?

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The FTX made its foray into NFL with a plan to use the sport. The aim was to expand their business. As a result, they signed in Tom Brady and his former wife, Gisele Bündchen, to mark a beginning. 

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With Millions On The Line, Tom Brady Takes First Step Towards Cutting Ties With FTX And Their Bankrupt CEO Sam Bankman-Fried

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NFL is one of the most popular sports which is going places, the recent example being the Bucs game in Germany. 69,811 fans attended the gala clash. It proved a point that its popularity is on the rise. As a result, FTX and Bankman-Fried aimed to tap this potential. The company entered other sports. Tennis star Naomi Osaka won an equity stake. NBA icon Steph Curry became the global ambassador of the company.

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The aim was huge. The plan was accurate. But the disaster was big. No one saw it coming, including the top athletes. 

Watch This Story: Gisele Bundchen Recalls Writing A Three-page Letter To Tom Brady That Never Saw The Light Of The Day

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Nidheesh Kumar

396 articles

Nidheesh Kumar is an NFL writer for EssentiallySports. He has completed his Masters in Communication from the University of Hyderabad and was previously a sports journalist with Telangana Today. An avid enthusiast, Nidheesh is a loyal fan of writing and conversations revolving anything remotely around sports.

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