Brady and his former wife, supermodel Gisele Bündchen, invested an undisclosed amount in FTX.
The duo did not disclose the size of their investment at the time but FTX CEO Sam Bankman-Fried did say that both Brady and Bündchen would receive an unspecified amount of a certain cryptocurrency.
As a part of the deal, the Buccaneers quarterback would serve as an ambassador for FTX and Bündchen would participate as FTX’s Environmental & Social Initiatives Advisor.
Brady and Bündchen did not immediately respond to Benzinga’s request, via social media, for comment on the development.
Why It Matters: On Wednesday, Bankman-Fried said FTX “urgently needed” $8 billion to avoid bankruptcy. He said he would use his own money to compensate investors and customers.
Brady has a net worth of $250 million, while Bündchen is worth $400 million, according to Celebrity Net Worth.
Brady, who has a salary of $30 million, according to Celebrity Net Worth, said in September last year that he would “love to be paid” in cryptocurrency. At the time he named Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Bankman-Fried-backed Solana (SOL) as his favored coins for receiving his pay.
Last year, Brady offered a single Bitcoin to a fan who returned his 600th touchdown ball.
Today, crypto giant FTX and its affiliated companies have started the process to file for Chapter 11 bankruptcy, with founder and CEO Sam Bankman-Fried stepping down as CEO.
The filing represents a stunning turn for the cryptocurrency exchange, once reportedly valued at $32 billion and seen as the face of the crypto industry thanks to its voluminous marketing and advertising efforts.
Over the past week, the exchange faced the equivalent of a bank run as observers and customers called into question whether the exchange was both liquid — meaning it could come up with currency on demand to pay customers looking to withdraw funds — and solvent, meaning its loans and investments were worth more than its debts.
“I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other staeholder that we are going to conduct this effort with diligence, thoroughness and tranparency, wrote John J. Ray, the new CEO of FTX Group, in a press release posted to the company’s verified Twitter account.
Chapter 11 bankruptcy allows a company to come up with a plan to reorganize itself and keep its business alive while it works to pay back its creidtors.