The collapse of the cryptocurrency exchange FTX has cost a multitude of people and organizations a substantial amount of cash.
FTX, the crypto exchange founded by Sam Bankman-Fried, filed for bankruptcy on Friday. The company's value has collapsed after once making Bankman-Fried a multibillionaire and a top Democratic donor. But Bankman-Fried is not the only one hurt by his company's collapse. Several known celebrities and corporations are affected by the state of the business and may stand to lose millions.
Brady and Bundchen: Tom Brady and ex-wife Gisele Bundchen joined a cohort of celebrity investors in FTX in 2021, receiving substantial equity stakes in exchange. The Tampa Bay Buccaneers quarterback has likely lost most, if not all, of his. Brady was featured in an ad promoting FTX in 2022. Other athletes: Golden State Warriors guard Stephen Curry, tennis player Naomi Osaka, and Los Angeles Angels player Shohei Ohtani had all signed previous agreements with FTX to promote the company.
Investment firms: Several prominent investment companies are also notable losers. The Silicon Valley-centered venture capital fund Sequoia Capital held a 1% share in the company, once estimated to be valued at around $200 million, according to Forbes. FTX also had investments from the Singapore-based investment firm Temasek and the crypto-centered investment firm Paradigm.
Political action committees: Bankman-Fried was heavily involved in politics and was identified as the second-highest donor in Democratic politics this year. With the crypto billionaire's finances melting away, it will leave many PACs without funding in the future, which could have significant consequences for future Democratic campaigns.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX Founder Secretly Moved Funds Through Backdoor: FTX InsiderFTX insider has reportedly stated that recent FTX 'hack' was illegal withdrawal of funds from FTX to Alameda Research
Read more »
Crypto Exchange Kraken Freezes Accounts of FTX, Alameda Research, Their Executives – Exchanges Bitcoin NewsCrypto exchange Kraken has frozen a handful of accounts owned by the bankrupt FTX Group, AlamedaResearch, and their executives. cryptocurrency
Read more »
Liquidity hub Serum forked by developers after FTX hackProjects such as Jupiter, Mango Markets and SolBlaze announced integration with the new fork.
Read more »
The Hunt for the FTX Thieves Has BegunMysterious crooks took hundreds of millions of dollars from FTX just as it collapsed. Crypto-tracing blockchain analysis may provide an answer.
Read more »