Celebrities Who Lost Millions: Ftx Crypto Crash

The collapse of the cryptocurrency exchange FTX has had a significant impact on its investors, including several celebrities. FTX, once the second-largest crypto exchange in the world, filed for bankruptcy protection in November 2022, resulting in billions of dollars in losses. In the aftermath of this incident, a class-action lawsuit was filed, naming celebrities such as Tom Brady, Larry David, Gisele Bündchen, Shaquille O'Neal, Stephen Curry, and Kevin O'Leary as defendants. The lawsuit alleges that these celebrities used their status to promote FTX's failed business model and lure unsophisticated investors. FTX had enlisted the support of these celebrities through sponsorship deals, advertisements, and brand ambassadorships to gain wider respectability and attract investors.

Tom Brady and Gisele Bündchen were FTX ambassadors

Brady and Bündchen were listed as ambassadors on the FTX website until recently. They were named in a class-action lawsuit against the cryptocurrency exchange, alongside other celebrities, including Larry David, Shaquille O'Neal, Stephen Curry, and Naomi Osaka. The lawsuit alleges that these celebrities used their status to promote FTX's failed business model, which resulted in losses for investors.

The lawsuit, filed by investor Edwin Garrison, claims that FTX and its former CEO, Sam Bankman-Fried, used celebrities to lure "unsophisticated investors" into a Ponzi scheme, resulting in a consumer loss of more than $11 billion. It seeks monetary damages for the plaintiffs, who allege they were defrauded by the company.

Larry David starred in a Super Bowl ad

Several celebrities were named in a class-action lawsuit filed against FTX, a crypto platform, and its former CEO, Sam Bankman-Fried, including Larry David, the legendary comedian best known for co-creating "Seinfeld" and starring in Curb Your Enthusiasm. The lawsuit alleges that FTX and Bankman-Fried violated Florida law, misled customers, and cost investors billions of dollars in damages.

Larry David starred in a Super Bowl commercial for FTX, the now-embattled cryptocurrency exchange platform. In the ad, David appears in different forms throughout history, dismissing famous inventions such as the wheel and the lightbulb. The ad ends with David dismissing FTX as a doomed project, saying, "Eh, I don't think so. And I'm never wrong about this stuff."

The commercial, which first aired during the Super Bowl in February, sparked mixed reactions on social media, with some people enjoying it while others found the combination of Larry David and cryptocurrency confusing. Nonetheless, the ad caused Larry David's name to trend on Twitter well into the next day, indicating that FTX achieved the desired level of attention and engagement.

The Super Bowl ad took on a prophetic tone in light of FTX's subsequent collapse. Social media users pointed out that David's skepticism in the commercial was eerily accurate, with some expressing trust in David's cynical stance toward FTX. The ad has gone viral following FTX's downfall, with commenters noting the irony of David's prediction.

In addition to Larry David, other celebrities named in the lawsuit include Tom Brady, Gisele Bündchen, Stephen Curry, and Kevin O'Leary. The suit blames these celebrities and the former CEO for the losses suffered by investors, who claim to have sustained $11 billion in damages.

Stephen Curry was an FTX global ambassador

Several celebrities have been associated with the FTX crypto platform, either as investors or ambassadors. One such celebrity is Stephen Curry, the NBA All-Star and two-time NBA Most Valuable Player. Curry was announced as a global ambassador and shareholder of FTX in September 2021.

Curry's partnership with FTX included him receiving an equity stake in FTX Trading Limited, the company behind the FTX global crypto exchange and FTX US exchange. Curry's foundation, Eat.Learn.Play, which focuses on childhood nutrition, education, and active living, also partnered with FTX on charitable initiatives and received an annual donation from the company.

Curry expressed excitement about the partnership, stating that FTX helped "demystify the crypto space and eliminate the intimidation factor for first-time users." He also highlighted the company's commitment to giving back to the community. FTX CEO Sam Bankman-Fried praised Curry, stating that his charitable work and investing IQ made him a "seamless fit" for the company.

Curry's role as a global ambassador for FTX aimed to expand the brand's reach and promote the viability of cryptocurrency to new audiences worldwide. This announcement came shortly after Curry purchased a $180,000 Bored Ape Yacht Club NFT, indicating his interest in the crypto space.

Curry was not the only celebrity associated with FTX; other notable names included Tom Brady, Gisele Bündchen, and Trevor Lawrence.

Naomi Osaka wore the FTX logo during matches

Naomi Osaka, the four-time Grand Slam singles champion, wore the FTX logo during matches as part of her role as an FTX global ambassador. Osaka's deal with FTX was announced in March 2022 and was described as a "long-term partnership". As part of the deal, Osaka received an equity stake in FTX Trading Limited and was compensated in cryptocurrency. She also helped to produce content aimed at attracting more women to the platform.

Osaka debuted the FTX logo on her outfit during the Miami Open. She also wore the logo during other matches, acting as a brand ambassador for the company. The deal was intended to increase access and opportunity for women in crypto and to further solidify FTX's status as the world's leading cryptocurrency exchange.

Osaka was one of several celebrities who promoted FTX. In November 2022, she was named, alongside other celebrities, in an $11 billion class-action lawsuit filed by FTX investors following the collapse of the cryptocurrency exchange. The lawsuit accused FTX and its founder, Sam Bankman-Fried, of misleading customers and costing investors billions in damages.

Shaquille O'Neal was an FTX brand ambassador

Shaquille O'Neal, the NBA legend, was a brand ambassador for FTX. He entered into a contract with the company and appeared in several advertisements.

O'Neal was not the only celebrity to promote the platform. Other notable names include Tampa Bay Buccaneers quarterback Tom Brady, supermodel Gisele Bündchen, Golden State Warriors guard Stephen Curry, and businessman Kevin O'Leary.

FTX also had the naming rights to a sports arena in Miami, which was renamed the FTX Arena. The company also had a deal with Major League Baseball, which saw every umpire sporting an FTX patch on their uniform.

However, the collapse of FTX has led to a class-action lawsuit, which has named several celebrities, including O'Neal, as defendants. The lawsuit argues that their celebrity status made them culpable for promoting the firm's failed business model. The lawsuit alleges that these celebrities brought instant credibility to FTX and should be held just as responsible as the company's founder, Sam Bankman-Fried.

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