Recent reports have brought to light the alleged payments made to NBA superstar Stephen Curry by former Chief Executive Officer of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried. Author Michael Lewis, during an interview with “60 Minutes,” revealed that Curry was reportedly paid $35 million for promoting the failed cryptocurrency exchange. This blog post delves into the details of this partnership, shedding light on the payments made to several celebrities and provides an update on Bankman-Fried’s ongoing court trial.

Stephen Curry’s Lucrative Collaboration:

According to Lewis, Curry entered into a partnership with FTX, agreeing to promote the cryptocurrency exchange for 20 hours of work per year for three years. The NBA All-Star allegedly received a staggering $35 million for his involvement. This revelation brings attention to the significant amounts celebrities were purportedly paid to endorse FTX, with Tom Brady reportedly receiving $55 million for a similar three-year deal.

Lewis’s Insights into FTX Internal Documents:

Lewis’s extensive interactions with Sam Bankman-Fried provided valuable insights into the workings of FTX. During their meetings, Lewis claims to have had access to internal FTX documents that shed light on various celebrity endorsement deals. These documents allowed Lewis to reveal the financial details of Curry’s partnership with the cryptocurrency exchange.

Additional Celebrities and Promotions:

Aside from Curry and Brady, Lewis also stated that FTX had paid substantial sums to several other celebrities as part of their promotional efforts. A Super Bowl ad and an advertisement featuring NBA Legend Shaquille O’Neal and Curry were mentioned as examples of these marketing campaigns. Such lucrative deals were aimed at leveraging the influence of celebrities to boost FTX’s visibility in the crypto industry.

Bankman-Fried’s Court Trial:

Coinciding with the release of Lewis’s book, Bankman-Fried faces multiple federal charges, including wire fraud, money laundering, and securities fraud. The trial, which began on October 3, 2023, is currently in progress in Manhattan, New York. As the trial unfolds, Lewis suggests that his book may serve as a kind of “letter to the jury,” providing further context and insight into Bankman-Fried’s actions.

Trial Developments and Witnesses:

With the court trial in full swing, FTX co-founder Gary Wang testified against Bankman-Fried during the third and fourth days of the trial. Caroline Ellison, former CEO of Alameda Research and Bankman-Fried’s ex-girlfriend, is also expected to provide testimony against him at some point. Wang and Ellison have both pleaded guilty to various charges and have been cooperating with the US attorney’s office in Manhattan for several months.

The alleged multimillion-dollar payment made to Stephen Curry for promoting FTX brings focus to the intricate web of celebrity endorsements and the marketing strategies employed by the now-bankrupt cryptocurrency exchange. As Sam Bankman-Fried’s court trial progresses, further details may emerge regarding FTX’s operations and the extent of celebrity involvement. The outcome of the trial will undoubtedly have significant implications for the future of the cryptocurrency industry as a whole.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.