Tom Brady and Gisele Bundchen Invested in FTX Crypto Exchange – Now Facing Lawsuits
-Bankruptcy documents have revealed that Tom Brady and Gisele Bundchen own over 1.7 million shares in the crypto exchange FTX.
-KPC Venture Capital, owned by Robert Kraft, also owns over 110,000 Series B FTX trading shares.
-Public figures who endorsed FTX are now facing lawsuits, with the prosecutor claiming the scheme was plotted from the start to deceive investors.
Tom Brady and Gisele Bundchen have been revealed as shareholders in the now-insolvent crypto exchange FTX. According to documents filed in the United States Bankruptcy Court in Delaware, the NFL quarterback and his ex-wife collectively own over 1.7 million FTX shares. Brady himself owns 1.1 million shares, while Bundchen holds 680,000.
The documents also revealed that Robert Kraft’s KPC Venture Capital holds more than 110,000 Series B FTX trading shares as well as 479,000 Class A common shares and 43,545 Series A preferred equity shares of West Realm Shrines (WRS), FTX US’s legal owner. However, at press time it is not possible to determine the value of these equity shares, as experts believe FTX shares are now worthless due to the company’s slim chances of making a comeback.
The news comes as public figures with close ties to FTX, including Brady and Bundchen, are facing lawsuits. A prosecutor named Adam Moskowitz has filed a case against the celebrities, claiming that the scheme was plotted from the start to deceive unsuspecting investors. This follows a lawsuit filed in November by Edwin Garrison from Oklahoma, who alleges that FTX engaged in “deceptive and misleading” marketing practices.
As per US bankruptcy law, shareholders and creditors are refunded in order of priority, with stockholders coming last in the queue with a high likelihood of not getting paid. This means Brady and Bundchen’s pockets could take a hit as a result of their involvement with FTX.
As the situation stands, the future of FTX remains uncertain. For now, the company’s fate hangs in the balance as the legal proceedings continue. Only time will tell what will become of the crypto exchange and its investors.