A look into Tom Brady’s Crypto Loss worth millions. All within a week

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tom brady lost $45 million in ftx collapse. ftx investors has filed a lawsuit against him for misguiding investors

Tom Brady lost $45 million within a week by investing in cryptocurrencies. The recent reports have inflated the number to $650 million. This is what happened.

Thomas Brady is an American football quarterback for the Tampa Bay Buccaneers of the NFL (National Football League). He is known to be vocal about FTX exchange which filed for bankruptcy in November 2022.

It is believed that he lost millions of dollars within a week when FTX filed for bankruptcy. Tom Brady’s crypto loss stands at $45 million which according to the analysts at Forbes equates to 0.14% stake in FTX.

$45 million can still be absorbed by the star player. However, the reports by CryptoHub suggested that he has put his entire savings into FTX and is bound to lose his entire fortune of $650 million while going through a divorce.

FTX was once one of the top crypto exchanges, second only to Binance. FTT was its native token fueling the growth of FTX. It crashes 80% within 3 days after tweet from Binance CEO ChangPeng Zhao went viral talking about liquidating Binance’s FTT holdings.

According to leaked reports, it was discovered that FTX was lobbying against other players in the industry to promote itself and all its assets are tied to FTT token which was a high-risk asset.

The hopes of the industry were shattered when FTX collapsed like LUNA and Sam Bankman Fried, the founder of FTX caught committing fraud of $10 billion which include stealing user deposits to fund his expenses & injecting the money into his hedge fund Alameda Research.

Tom Brady wasn’t the only one who lost money when FTX collapsed. A number of celebrities including Kevin O’Leary a.k.a Mr. Wonderful, the famous Canadian businessman & one of the sharks in the Shark Tank series testified in front of the Senate and reported a loss of $15 million.

Tom Brady, Kevin O’Leary, and Stephen Curry were among the celebrities who are charged with lawsuit for misguiding investors. The lawsuit was filed by FTX investors and the hearing is in the process as we speak.

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