Last year’s FTX crypto debacle affected the entire investment fraternity, including giant businessmen and Hollywood celebrities. However, there were a few personalities, who cleverly sidestepped getting involved in these discrepancies. American songwriter and singer Taylor Swift is one of them. She was about to ink a $100 million sponsorship deal with the company; however, a simple question whisked her off.
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The FTX crypto giant was promoted by some of the biggest names in the industry. It included personalities from films and the sporting industry. NFL legend Tom Brady, NBA superstar Steph Curry, and comedian Larry David played pivotal roles in the endorsements and are currently facing an $11 billion lawsuit.
Why did Taylor Swift reject the offer?
The world was in shock after the crypto exchange filed for bankruptcy last year. FTX was viewed as one of the most promising platforms; however, it failed to live up to expectations, losing its investors’ money. According to several reports, there were discrepancies of around $8 billion in the account books.
Investors accused the promoters and endorsers of misleading them and filed a lawsuit against them. Attorney Adam Moskowitz recently made a groundbreaking revelation in this regard, claiming that Swift was supposed to be part of this group; however, she dodged the opportunity.
Taylor Swift was in talks to sign a $100m sponsorship deal with FTX.
But then actually asked “can you tell me that these are not unregistered securities?” and the deal fell through. pic.twitter.com/WNsVa9ONbw
— Trung Phan (@TrungTPhan) April 19, 2023
“The one person I found that did that was Taylor Swift. In our discovery, Taylor Swift actually asked them, ‘Can you tell me that these are not unregistered securities?” Moskowitz said this in an interview appearance on The Scoop podcast with David Chaparro. It was a $100 million sponsorship deal that would include her travel expenses and the sale of tickets.
But fortunately, Swift saved her from a high-profile lawsuit and future complications. All thanks to her father, Scott, who happens to be an investment banker and has experience in this domain for the past 30 years.
Is Tom Brady really in trouble?
When Sam Bankman-Fried started his crypto exchange, signing the seven-time Super Bowl champion was one of his greatest achievements. Brady’s one word was sufficient to get investors in, and people deposited millions of dollars blindly.
In fact, the veteran raised a whopping sum of $45 million on this platform and encouraged his ex-wife Gisele Bündchen to add $25 million more.
Per reports, the investors who suffered major losses blamed the celebrities for misleading them. As a result, a lawsuit was slapped on each of them.
If they had claimed to have personally checked the records and authenticity of this platform in public advertisements, then Brady and several others may be charged with misconduct and manipulating the investors. Otherwise, they are on the safe side. The investigations are underway, and further updates on this matter are yet to arrive.
