Defunct FTX Now Going After Former Celebrity Partners
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September 11, 2023 1:52 pm
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The now-defunct FTX certainly isn’t doing itself any favors when it comes to its public image.
If FTX was adept at one thing it was marketing through public relations—this is how the little-known exchange purportedly experienced its meteoric rise.
Marketing deals, celebrity endorsements, and glowing media coverage all served to push the exchange into the minds of unsuspecting customers.
Trending: Jed McCaleb…and Bill Clinton?
According to recent court filings, the bankrupt FTX wants that money back from celebrities who previously agreed to promote the company.
Crypto analyst Marty provided a table of the celebrities and their original payouts:
“Clawbacks of celebrity payments begins. These are reverse payment requests. ie. Refunds.
The list includes $750,000 made to former basketball pro Shaquille O’Neal, over $300,000 to Tennis pro Naomi Osaka, over $270,000 to former baseball star David Ortiz, and over $200,000 to American football quarterback Trevor Lawrence. Miami Heat also for the standout rights.”
Ftx bankruptcy update:
Clawbacks of celebrity payments begins. These are reverse payment requests. ie. Refunds.
The list includes $750,000 made to former basketball pro Shaquille O’Neal, over $300,000 to Tennis pro Naomi Osaka, over $270,000 to former baseball star David Ortiz… pic.twitter.com/jNq3cxRHCH
— MartyParty (@martypartymusic) September 11, 2023
Inner City Press explained: “Seems DOJ at trial will be using FTX ads by Tom Brady, Gisele Bündchen & Larry David: “celebrities are featured in ads describing “FTX” as “a safe and easy way to get into crypto;” tonight’s filing has YouTube links. Still nothing on delay.”
SBF Docket: just filed, seems DOJ at trial will be using FTX ads by Tom Brady, Gisele Bündchen & Larry David: "celebrities are featured in ads describing “FTX” as “a safe and easy way to get into crypto;" tonight's filing has YouTube links. Still nothing on delay https://t.co/uUXBcLMej9 pic.twitter.com/PX9xGViUFZ
— Inner City Press (@innercitypress) September 2, 2023
Coin Telegraph provided these details:
Also included are nearly $420,000 made to the basketball team the Golden State Warriors, and over $250,000 to the Miami Heat.
The filing warned, however, that the final amount FTX may recover from the efforts “may vary materially from the amount reported.”
Crypto News outlined how an FTX ‘refund’ is even possible: “FTX has reviewed several payments made to individual athletes, as well as MLB and Formula 1 racing teams, to determine if they were subject to Chapter 11 rules that would allow FTX to reverse them.”
FTX has reviewed several payments made to individual athletes, as well as MLB and Formula 1 racing teams, to determine if they were subject to Chapter 11 rules that would allow FTX to reverse themhttps://t.co/e8bOj69Xjn
— crypto.news (@itscrypto_news) September 9, 2023
Forbes reports that Taylor Swift was among one of the only celebrities who did her due diligence and backed out of an FTX endorsement deal.
Remember how many celebrities were endorsing FTX/Crypto. Only TSwift did her DD. Might just buy concert tickets cuz she a good person.https://t.co/Dq5mNCkirX
— GCF Mustard (@Eddie_Cache) September 3, 2023
Bitcoinist reports:
The exchange is looking to clawback approximately $18 million in prepayments made to celebrities, as well as sports teams and arenas.
The largest single prepayment that the exchange is looking to recover is a $3,398,046.99 payment made toward the deal for the naming rights of the Miami Heat Arena.
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