When Sam Bankman-Fried's FTX was supposed to be next big thing, Tom Brady endorsed it enthusiastically. The former Buccaneers quarterback endorsed it with his then-wife Gisele Bundchen.
Then came the collapse and Bankman-Fried is now under trial. It has since emerged that Brady could have been a beneficiary to the tune of $55 million from FTX.
It was an astonishing deal as per allegations, that show that the cryptocurrency exchange founder had tried to reportedly sportswash his business dealings. Author Michael Lewis, who has covered this topic extensively has allegedly found that,
“(Sam Bankman-Fried) turned to the sports world to bring his exchange both legitimacy and edge. Lewis saw the FTX internal marketing documents… He paid Tom Brady $55 million for 20 hours a year for three years."
As soon as the news emerged, Tom Brady was taken to task by football fans.
NFL fans criticize Tom Brady for his $55 million deal with Sam Bankman-Fried
Tom Brady has always been a serious investor. The quarterback was never the highest paid quarterback in the league as he tried to manage his salary cap to have the best tools available to him on the roster. That led to higher chances of winning Super Bowls, of which he won seven.
He then parlayed that success into brand deals and investments to make more money. From jersey sales to endorsements, he did it all. He created his own TB12 brand and has also invested in various sports teams like the Las Vegas Raiders and Birmigham City soccer club after retirement.
However, in his deal with Bankman-Fried's FTX, seems to have erred remarkably in his moral judgment. While it was earlier reported that Brady had taken shares in FTX and seen them wiped out after the crash, $55 million ought to have provided any backstop for that loss, all the while he was advising others to invest in the company and its products.
And fans are putting up posts on social media to let their feelings known about the whole situation. Here are some of the best responses so far on X, formerly known as Twitter.
Tom Brady not the only superstar beneficiary of Sam Bankman-Fried's largesse
Sam Bankman-Fried also allegedly paid NBA great Steph Curry $35 million. Author Michael Lewis alleges that the crypto bro
"... paid Steph Curry $35 million for-- same thing for three years."
It shows a remarkable story of reported sportswashing where an accused fraudulent investor tried to buy legitimacy through sporting superstars.