“Kind of mirrors the inequality”: How Naomi Osaka’s $32 billion crypto deal turned into an $11 billion investor lawsuit after the company collapsed

Naomi Osaka joined a major cryptocurrency company as a global ambassador in March 2022. The deal gave the tennis star an equity stake in a company valued at about $32 billion. Eight months later, the company filed for bankruptcy, and Osaka was named in an $11 billion investor lawsuit.The lawsuit also named major sports and entertainment figures, including Tom Brady, Stephen Curry and Gisele Bündchen. Investors accused the celebrity promoters of helping bring customers to the platform. The case later changed as the court dismissed most of the claims against the celebrity defendants.Naomi Osaka took an equity stake and wanted more women in cryptoOn March 21, 2022, the cryptocurrency exchange announced Osaka as a global ambassador through a long-term partnership. She received an equity stake in the company and compensation in cryptocurrency. She also agreed to help create content and promote the platform to a global audience.The partnership had a specific goal. Osaka wanted to help bring more women into crypto, an industry that had a much smaller female presence at the time.“We have seen the statistics about how few women are part of crypto by comparison, which kind of mirrors the inequality we see in other financial markets,” Osaka said in the March 21, 2022 partnership announcement.She also spoke about making cryptocurrency easier for more people to access.“Cryptocurrencies started with the goal of being accessible to everyone and breaking down barriers to entry,” Osaka said in the same announcement.Her role went beyond putting her name on a sponsorship. Osaka helped direct and produce promotional content and wore the company's logo during competition, starting with the 2022 Miami Open. The company also said she would invest and trade cryptocurrencies of her choice.The partnership arrived when the company was expanding rapidly across sports. It had secured naming rights to the Miami Heat's arena and signed several high-profile athletes and celebrities.Tom Brady, Gisele Bündchen, Stephen Curry and Larry David were among the other familiar names linked to its marketing campaign. Osaka became part of that push while the company carried a reported $32 billion valuation.In Osaka's case, the deal added another major endorsement to an already strong business portfolio. Sportico estimated her 2022 earnings at $53.2 million, with about $52 million coming from endorsements, according to Tennis.com.Then the company's financial problems surfaced.The sudden collapse brought Naomi Osaka into the $11 billion lawsuitOn November 11, 2022, the cryptocurrency exchange filed for Chapter 11 bankruptcy. Four days later, investors filed a class-action lawsuit in Florida seeking $11 billion in damages. The complaint named Osaka along with Brady, Bündchen, Curry, Shaquille O'Neal, Larry David, Shohei Ohtani, Trevor Lawrence, David Ortiz, Kevin O'Leary and others.The investors argued that the celebrity promotions helped bring customers to the platform. The complaint specifically pointed to Osaka's promotional work and her equity stake.The lawsuit also quoted Osaka's promotional video, in which she said, “I’m Naomi Osaka and I’m proud to partner with FTX. Making cryptocurrency accessible is a goal that FTX and I are striving towards.”However, the lawsuit's allegations did not establish that Osaka knew about any alleged fraud inside the company.The legal case changed significantly in 2025. On May 7, U.S. District Judge K. Michael Moore dismissed 12 of 14 claims against the celebrity defendants. The judge found that investors had not shown the celebrities knew the company was fraudulent or that receiving promotional payments alone proved a conspiracy. Some claims under Florida and Oklahoma law remained.Osaka therefore was not ordered to pay $11 billion. The timeline tells the bigger story. Osaka entered the partnership on March 21, 2022, when the company had a reported $32 billion valuation. On November 11, it filed for bankruptcy. Four days later, investors named Osaka in their lawsuit.A partnership built around expanding women's access to cryptocurrency had suddenly become part of the legal fallout from one of the biggest collapses in the crypto industry.Stay updated with the latest Asian Games 2026 news, check the Asian Games medal tally and complete Asian Games schedule.Get the latest Sports News and Live updates. Download the TOI app.