New England Patriots legend Tom Brady and his ex-wife, supermodel Gisele Bundchen, have suffered a significant financial setback.
The New York Times is reporting that the couple ended up losing a staggering $48 million in the now-bankrupt crypto exchange FTX.
The former couple appeared in commercials, made social media posts, and spoke at conferences alongside FTX CEO Sam Bankman-Fried.
A worthless investment
Brady, 45, invested a substantial sum of $30 million, while Bundchen, 42, put in $18 million.
However, their investments turned sour when FTX collapsed in November 2022, rendering their FTX stock worthless.
Brady and Bundchen began their association with FTX in 2021. Brady, known for his interest in cryptocurrencies, maintained close communication with FTX's CEO, Bankman-Fried.
Their relationship extended beyond FTX, as Bankman-Fried later joined Autograph, an NFT store co-founded by Brady, and expressed interest in potentially acquiring an NFL team with the former quarterback.
Lawsuit still lingering
Despite the financial blow, Brady and Bundchen may still be on the hook for taxes on their FTX earnings.
The couple, who finalized their divorce in 2022, face the possibility of paying taxes on the investment.
Additionally, they have been named in a class-action lawsuit initiated by FTX customers who hold the celebrities endorsing the exchange accountable.
Other celebrities implicated
Other high-profile figures affected by the FTX debacle include Shark Tank star Kevin O'Leary, who lost $11 million.
Brady and Bundchen, along with sports stars such as Steph Curry, Naomi Osaka, and David 'Big Papi' Ortiz, were compensated partially with equity stakes in FTX for their ambassadorial roles.
The collapse of FTX, however, has left Brady and Bundchen entangled in a legal battle as they face allegations from FTX customers in the class-action lawsuit.
Other celebrities implicated in the lawsuit include Larry David, Shaquille O'Neal, William Trevor Lawrence, Udonis Haslem, Shohei Ohtani, and Naomi Osaka.
Brady has remained tight-lipped about his connection to Bankman-Fried since FTX's collapse.
In contrast, Bundchen expressed her dismay in an interview with Vanity Fair, shifting some blame onto her financial advisors for misleading her about FTX's prospects.
