Tom Brady FTX Deal: Why is Texas law going after the Bucs QB amid FTX bankruptcy?

Tom Brady, the quarterback for the Tampa Bay Buccaneers, is one of the superstars that a Texas regulator is looking into for possible law breaches related to their marketing of the cryptocurrency exchange FTX.

About three weeks ago, the cryptocurrency startup FTX filed for chapter 11 bankruptcy protection. According to sources, the company lacks the resources to pay back stakeholders.

A "significant percentage" of the defunct FTX Group's holdings, according to a counsel for Bankman-Fried, "have either been stolen or are missing." The names of FTX's principal creditors are being withheld for the time being.

In the wake of the group's collapse, Tom Brady, who was given a stake in FTX as a condition of a pact to serve as a spokesmodel, will be paying the price.

The lawsuit asserts that FTX was essentially a Ponzi scheme that employed famous people like Brady to "keep funneling stakeholders into the FTX pyramid scam and substantially help in the sale of the accounts, which are unregistered securities" and "to promote and substantially assist in the sale of the accounts."

Other defendants include Trevor Lawrence of the Jacksonville Jaguars, Gisele Bundchen, Shaquille O'Neal, Shohei Ohtani, and Stephen Curry.

This year for Tom Brady could be even worse, thanks to Texas. He has already experienced his poorest season start since 2002, divorced Gisele Bündchen after 13 years of marriage, and suffered significant financial loss due to the failure of the FTX cryptocurrency exchange.

Texas officials are currently looking into the quarterback for the Tampa Bay Buccaneers. The degree to which Brady and the other brand ambassadors declared their financial positions in FTX will be scrutinized, along with the ease with which individual investors may access those declarations, even if it is not a top priority of the probe.

Brady and Bündchen, FTX stockholders and brand advocates, participated in an advertisement that jokingly urged viewers to give up their jobs to become FTX investors.

Celebrities may have learned their biggest lesson about the ethical, legal, and governmental consequences of marketing cryptocurrencies.

Tom Brady's focus will be on making the Playoffs

Week 10 saw Tom Brady perform well, throwing for 258 yards, two TDs, and one interception. He has only had two games with multiple touchdowns this season and only attempted 29 passes, his second-lowest total in a game this year.

Brady has performed admirably in the last two games, except for a poor read on an interception in the last match, which was his first since Week 1. Tampa Bay's offensive unit has discovered a winning recipe, which they will ideally expand on after the bye week.