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NFL star Tom Brady is one of several high-profile figures and companies that could potentially lose billions of dollars collectively following the collapse of the FTX cryptocurrency, according to a bankruptcy filing.
How Much Did Tom Brady Lose In Cryptocurrency
Mr. Brady owned 1.14 million shares in FTX Trading at the time of its collapse, while other major investors include New England Patriots owner Robert Kraft and billionaires Dan Loeb and Peter Thiel.
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FTX will ask a US bankruptcy court on Wednesday to allow it to auction off parts of its business – including LedgerX, Embed, FTX Japan and FTX Europe – and keep client names confidential for at least six months as it works to to recover the lost. funds. they said it was a big scam.
The company argued that general bankruptcy rules requiring disclosure to creditors, including up to 9.5 million of its customers, could expose them to fraud, violate privacy laws and allow competitors to destroy them, harming FTX’s value while on looking for customers.
FTX founder Sam Bankman-Fried, 30, was indicted in federal court in Manhattan last month on two counts of wire fraud and six counts of conspiracy for allegedly stealing client deposits to pay off debt at his hedge fund, Alameda Research, and to lie investors. about the financial situation of FTX. He pleaded not guilty.
According to FTX’s court filings, the four FTX companies are relatively separate from the broader FTX group, each with its own segregated client accounts and separate management teams.
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The crypto exchange said it is not committed to selling any companies, but has received dozens of unsolicited offers. FTX expects to generate additional bids by scheduling auctions in February and March.
The U.S. Trustee, the Justice Department’s bankruptcy watchdog, opposed the sale of the combined company pending a full investigation into the extent of Bankman-Fried’s alleged FTX fraud.
The former billionaire acknowledged weaknesses in FTX’s risk management practices, but said he did not believe he was criminally liable.
Earlier this week, a Freedom of Information request revealed that 13 investors in the UK reported FTX to Action Fraud, with losses totaling £1.16m.
Meirov] Perspective… Tom Brady Lost 66 Games In 20 Years As The Starter For The Patriots. The #patriots Have Lost 33 Games Since Brady Left—half The Amount Brady Did In 20 Years.
Tom Brady, the ex-wife of supermodel Gisele Bündchen and New England Patriots owner Robert Kraft are also listed in FTX’s January 9, 2023 bankruptcy filing.
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Tom Brady reportedly lost a whopping $30 million in the crypto crash — and could lose even more in the coming months
Tom Brady, Gisele Bundchen Set To Lose Millions After Ftx Collapse
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However, the seven-time Super Bowl champion took a heavy load off the field. Brady, the chief ambassador for cryptocurrency exchange FTX, reportedly lost $30 million when Sam Bankman-Fried’s company went bankrupt late last year.
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According to The New York Times, the superstar quarterback’s multimillion-dollar compensation package for appearing in FTX commercials and otherwise branding “composed almost entirely of FTX stock.” Such shares are now essentially worthless.
Brady is one of a handful of celebrity defendants — including Larry David, Shaquille O’Neal, “Shark Tank’s” Kevin O’Leary, Steph Curry and others — in a class-action lawsuit filed by aggrieved FTX customers. The investors argued that the big names promoting the brand “made numerous misrepresentations and omissions … to instill confidence and persuade consumers to invest in what ended up being a Ponzi scheme.”
Additionally, as reported by The Times, the former Tampa Bay Buccaneer’s endorsement deal required him to pay taxes on his shares in the now-defunct FTX.
Brady’s cryptographic problems did not end there. The three-time NFL MVP founded NFT startup Autograph, which has struggled in the wake of cryptocurrency and cut nearly a third of its workforce in May, according to Insider.
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But Brady is doing well financially. He earned more than $300 million in NFL salary alone during his 23 years in the league, and even more from endorsement deals and off-field investments.
He also signed a massive 10-year, $375 million contract to debut in the broadcast booth as an analyst for Fox Sports.
Check it out: Tom Brady and Gisele Bündchen have a combined net worth of $580 million. Here’s how power couples make and spend their money. Copyright © 2024 Media, LLC All rights reserved. ® and related marks are registered trademarks of Media LLC
From Tom Brady to Kevin O’Leary – See Who’s the Big Loser After the FTX Crypto Crash The crash exposed an $8 billion hole in FTX accounts, leaving investors and clients struggling to get their money back.
Tom Brady Lost $30 Million After Ftx Collapse: Report
The collapse of Sam Bankman-Fried’s FTX crypto empire was not only felt by members of the crypto community – some big names and celebrities also lost a lot of money.
Although SBF allegedly led investors to believe that it could bring them high returns with little risk, more than a million people may have been affected by the fallout, and new crypto spenders quickly learned that trading cryptocurrencies is not for the weak ones are not. heart
In November, Bankman Fried was convicted of seven counts of fraud, embezzlement and conspiracy for masterminding “one of the largest financial frauds in American history” after a bank raid uncovered an $8 billion hole in the company’s accounts and the bank ‘s piggy bank bonds exposed. Alameda Research for crypto trading companies.
New York’s Southern District Judge Lewis Kaplan said Bankman-Fried was “very intelligent” and agreed with prosecutors that Bankman-Fried “wanted to be a very influential person politically in this country.”
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Kaplan said the total loss to Bankman-Fried victims exceeded $550 million and that investors lost billions.
Meanwhile, FTX’s new CEO John Ray, who joined SBF after the company filed for bankruptcy, said the company has found $5 billion in cash and other assets, and while they haven’t finished digging up yet, they plan to to be sold. more than $4.6 billion in additional equity.
It’s unclear how the proceeds will be divided, but typically in a bankruptcy case, only bondholders are entitled to recoup some of their losses, with shareholders taking a loss, according to Markets Insider.
Sequoia Capital is likely to take the biggest loss for outside investors in the stock market with a $200 million investment that will peak at $350 million in January 2022, according to data obtained by Forbes.
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While Sequoia reportedly told investors that its FTX investment was offset by $7.5 billion in realized and unrealized gains, Singaporean investment firm Temasek was not so lucky.
The company reportedly invested $210 million in 1% of FTX and $65 million in 1.5% of US FTX. but has since zeroed in on its importance.
In addition, investment company Paradigm reportedly invested $215 million, while the Ontario Teachers’ Pension Plan invested $75 million and has since written its investment down to zero.
Tom Brady is the most famous face promoting and investing in FTX – and he’s probably the biggest individual loser. According to Bloomberg, the Tampa Bay Buccaneers quarterback owned more than 1.1 million shares of FTX Trading common stock, worth about $45 million, before the company filed for bankruptcy.
How Much Did Tom Brady, Gisele Bundchen Lose In The Ftx Crash?
Although his investment is now at zero after the fall, he previously supported the exchange and appeared in several promotional ads with his ex-wife Gisele Bündchen.
Along with her now-ex-husband, Tom Brady, the supermodel also lost most of her fortune in the exchange. Bündchen reportedly owns 680,000 FTX shares worth about $25 million.
Shark Tank was an enthusiastic supporter of FTX SBF before the crypto exchange crash. As a paid spokesperson for the company, O’Leary owns 32,000 FTX and 110,000 FTX US shares. He said his stake was worth $1 million during his time on the US Senate Banking Committee. in December, adding that he had “removed it to zero”.
O’Leary told CNBC’s “Squawk Box” in December that he was paid about $15 million to act as a paid spokesperson for the brand, and that he invested just under $10 million in crypto exchanges. But he said his crypto investment is now zero.
Tom Brady’s Ftx Shares Were Once Worth $45 Million. Will He Lose It All?
New England Patriots owner Robert Kraft was also a victim