Judge Tosses Nearly All Claims Against Tom Brady, Shohei Ohtani And Others In FTX Crypto Lawsuit

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A federal judge elected to toss out nearly every claim made in a lawsuit against investors, including sports stars Steph Curry, Tom Brady, Shohei Ohtani, and others, after they promoted the collapsed cryptocurrency exchange FTX.

United States District Judge K. Michael Moore in Miami dismissed 12 of the 14 claims in the lawsuit, explaining in a 49-page decision that the investors did not prove that celebrities and sports stars promoting the crypto exchange knew that FTX was fraudulent. The high-profile promoters receiving payments didn't establish a conspiracy, according to the ruling.

FTX attracted the elite of the elites and seemingly trended every day in 2022, with celebrities from all fields jumping on board in ambassador roles. 

As it turned out, FTC founder Sam Bankman-Fried was telling investors false information, which resulted in one of the biggest financial disasters in modern times. With billions of dollars being lost, many celebrities were greeted with class-action lawsuits over their alleged involvement.

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While Brady was one of many celebrities to throw his hat into the FTX crypto ring, the former NFL quarterback made major headlines when it was reported in July 2023 that he had lost $30 million in the FTX crash. Gisele Bundchen, Brady's ex-wife, lost a reported $18 million. 

FTX founder Sam Bankman-Fried when he was trading crypto before going to prison. (Photo by Craig Barritt/Getty Images for CARE For Special Children )

In October 2022, Kim Kardashian was ordered to pay $1.26 million for failing to make adequate disclosures when she was pushing a certain crypto token.

To say Brady had some bad luck in the cryptocurrency world would be the understatement of all understatements. 

On top of the FTX disasters, Brady purchased a Bored Ape NFT in April 2022 for 133 ether, valued at $430,000 at the time. Today, 133 ether holds a value of approximately $273,000.

Bankman-Fried was ultimately convicted of fraud and related crimes in November 2023. In March 2024, the 33-year-old was sentenced to 25 years in prison and ordered to forfeit $11 billion. 

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Mark covers all sports at OutKick while keeping a close eye on the world of professional golf. He graduated from the University of Tennessee-Chattanooga before earning his master's degree in journalism from the University of Tennessee. Before joining OutKick, he wrote for various outlets, including SB Nation, The Spun, and BroBible. Mark was also a writer for the Chicago Cubs Double-A affiliate in 2016, when the team won the World Series. He's still waiting for his championship ring to arrive. Follow him on Twitter @itismarkharris.