Tom Brady and Gisele Bündchen linked to $32 billion FTX collapse after bankruptcy documents revealed $2 million stakes

Back in 2023, Tom Brady and Gisele Bündchen found themselves linked to one of the biggest financial shocks to hit the crypto industry. Bankruptcy documents revealed that the former couple held nearly two million FTX shares between them. After the once high-flying exchange collapsed, those stakes were considered virtually worthless, turning a high-profile celebrity partnership into a costly financial setback.Tom Brady and Gisele Bündchen’s FTX stakes revealedThe details emerged in January 2023, only months after FTX filed for Chapter 11 bankruptcy. Court documents showed that Brady owned more than 1.1 million common shares in the crypto exchange, while Bündchen held 686,000 shares.The documents did not reveal what either celebrity had paid for their holdings. That made it impossible to determine their exact personal losses. Still, the value of their investments had been dramatically damaged after FTX’s spectacular downfall.Before the collapse, FTX had been viewed as one of the most prominent names in cryptocurrency. The company had reached an estimated valuation of around $32 billion and built a powerful marketing machine around sports and entertainment.Brady became one of its most visible celebrity supporters. Bündchen also joined the company in 2021 as an adviser focused on environmental and social initiatives. Their involvement gave FTX a familiar face at a time when the crypto industry was trying to move further into the mainstream.Brady had spoken enthusiastically about the partnership at the time."It's an incredibly exciting time in the crypto-world, and Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities," Brady said in a news release.Bündchen also highlighted what she believed the partnership could accomplish beyond cryptocurrency itself."This particular opportunity showed us the importance of educating people about the power of crypto while simultaneously giving back to our communities and planet," she said. "We have the chance to create something really special here, and I can't wait to see what we're able to do together."FTX collapse changed the picture for Tom Brady and Gisele BündchenThe optimism surrounding FTX did not last. In November 2022, the company and more than 130 affiliated businesses sought bankruptcy protection after a rush of customers tried to withdraw their money.The crisis exposed a massive financial hole. Reports at the time said FTX faced an $8 billion shortfall, sending shock waves through the cryptocurrency market and damaging confidence in other digital-asset businesses.FTX founder Sam Bankman-Fried soon stepped down as CEO. He was arrested in the Bahamas in December 2022 after U.S. prosecutors brought criminal charges against him.The collapse also placed scrutiny on the celebrities who had promoted the company. Brady and Bündchen were not alone among high-profile FTX backers. New England Patriots owner Robert Kraft was also reported to have invested in the exchange.FTX’s new CEO, John Ray III, warned that the company might not be able to recover all the losses suffered by investors and others caught in the collapse.For Brady and Bündchen, the episode showed the risks that can come with attaching a public image to a fast-growing financial company. Their FTX holdings had once represented a stake in a crypto giant valued in the tens of billions. By the time the bankruptcy fallout unfolded, those shares had become a stark reminder of how quickly fortunes can change in the volatile world of cryptocurrency.Get the latest Sports News and Live updates. Download the TOI app.