July 21, 2024
FTX's List of Celebrities and Sports Teams Paid for Marketing Emerges in Bankruptcy Case
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FTX’s List of Celebrities and Sports Teams Paid for Marketing Emerges in Bankruptcy Case

According to court records in its ongoing bankruptcy proceedings, the cryptocurrency exchange FTX spent hundreds of thousands of dollars in high-profile advertising and endorsement deals with celebrities like Shaquille O’Neal, Naomi Osaka, and David Ortiz, among others.

The current management of FTX published a comprehensive list of celebrities, companies, and sports teams that collected payments throughout the years as part of its marketing campaign in a court file sent to the U.S. Bankruptcy Court in Delaware.

The business acknowledged that the list “may not reflect an exhaustive list of all deposits and repayments,” but added that it is working to locate all past-due payments to see how much of this may be recouped to pay off its debts.

The list contains payments made to famous people who were widely highlighted as FTX promoters before the company’s collapse. Following the documents, FTX gave payments totalling approximately $750,000 to retired NBA star Shaquille O’Neal, close to $308,000 to tennis pro Naomi Osaka, close to $206,000 to quarterback Trevor Lawrence of the Jacksonville Jaguars, and close to $271,000 to David Ortiz of the Boston Red Sox.

Due to their support of the business, which ultimately collapsed last November, some of these celebs had previously been sued by FTX creditors. In May, a class action lawsuit accusing O’Neal and Osaka of improperly advertising accounts with interest that were unregistered securities was filed in a federal court in Florida.

Sam Bankman-Fried, the creator of FTX who is now in disgrace, spent years putting a lot of work into extravagant commercials that starred the wealthy and powerful.

SBF routinely entertained visitors at his Bahamas residence, including former US President Bill Clinton, NFL player Tom Brady, and past British Prime Minister Tony Blair. The business even went so far as to pay over $6 million for a 30-second Super Bowl advertisement in February. It also bought the naming rights for the Miami Heats Stadium.

The present-day FTX team is looking into ways to recoup the money given to promoters throughout the years as one approach to settling its large debts. The eventual sum collected “may vary materially from the amounts reported” in the petition, it was noted nevertheless.

Image: Wallpapers.com

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