After the bankruptcy of the cryptocurrency company, FTX, stars Tom Brady and Gisele Bündchen were collectively sued for inducing the public to invest in the company and for having committed a financial pyramid scheme. In addition to them, the former president of the firm Sam Bankmna-Fried, current, former executives and several stars are also involved in the controversy.
The lawsuit was filed by the United States District Court for the Southern District of Florida, Division of Miami, and according to information from the lawsuit, several users were damaged in excess of $11 billion.
FTX justified the presence of the stars in its commercials “the FTX entities needed celebrities as defendants to continue channeling investors in the FTX Ponzi scheme and to substantially promote and assist in the sale of the YBASs, which are unregistered securities”.
Tom Brady and Gisele Bündchen own equity stakes in the company and have already debuted in the company’s commercials in mid-2021, with an advertising campaign valued at $20 million. The stars have yet to comment on the controversy.