The past few months have not been kind to future Hall of Fame Tampa Bay Buccaneers quarterback Tom Brady.
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In the summer of 2021, Brady and Gisele signed an equity deal with cryptocurrency exchange FTX. On top of their partnership, the couple apparently invested a significant amount of their personal funds.
With crypto riding high, it seemed like a strategic investment with immense potential.
That did not age well.
FTX recently suffered a liquidity crunch, and as a result the value of its tokens collapsed overnight. Collapse might be an understatement, as the drop exceeded 80% in just one day.
There’s no clear indication of exactly how much money Brady put into FTX, but rumors have put the figure into the hundreds of millions.
That may not be likely, but it’s sure to be an eye-popping number regardless.
Crypto has always had some level of uncertainty, although huge gains in 2020 and into 2021 created some seeming stability.
Many of the major platforms and currencies have become household names. But the FTX collapse shows that there’s still substantial risk involved.
decrypt.co
