Former NFL star Tom Brady, who previously served as an ambassador for the now-defunct cryptocurrency exchange FTX, reportedly lost millions of dollars from his association with it.
Brady, who appeared at the company’s conference in Bahamas and in TV commercials promoting the exchange, was paid $30 million almost entirely in FTX stock as compensation for endorsing the exchange, New York Times reported, citing three people familiar with the matter.
The quarterback’s ex-wife and supermodel Gisele Bündchen, received $18 million in FTX stock, the report added. The former power couple was also given some amount of Ethereum ETH/USD, Bitcoin BTC/USD and Solana SOL/USD to trade on FTX, the report said. The tokens disappeared following the exchange’s bankruptcy.
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Following FTX’s bankruptcy, customers have sought compensation from Brady and Bündchen as the two endorsed the exchange. The duo is also mandated by the terms of the agreement with FTX that they have to pay taxes on at least some of their now worthless FTX stock.
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FTX co-founder Sam Bankman-Fried is now facing federal fraud charges. Brady, who announced his retirement from the NFL in February, has not commented on FTX’s fiasco.