Tom Brady was among the celebrities to dive into the cryptocurrency boom, partnering with crypto exchange firm FTX last year.
Brady and then-wife Gisele Bündchen each received a stake in the company, in exchange for Brady becoming FTX’s brand ambassador and Bündchen the company’s environmental and social initiatives adviser.
“It’s an incredibly exciting time in the crypto-world, and [FTX CEO] Sam [Bankman-Fried] and the revolutionary FTX team continue to open my eyes to the endless possibilities,” Brady said in a statement when the deal was initially announced, with he and Bündchen even appearing in a TV commercial for the company.
However, FTX has been having an extraordinarily bad week, experiencing a liquidity crunch that roiled crytpo markets.
As NBC Sports reports, the company is now teetering on the bring of bankruptcy after panicked investors withdrew a staggering $6 billion from the firm in just 72 hours, causing the market value of FTX to drop by nearly 70 per cent while also sending the entire crypto market into meltdown mode.
For Brady, the news is bad if not necessarily disastrous; while he won’t lose any money (he didn’t invest any of his own cash in FTX), his stake in the company is now essentially worthless.