FTX Paid Celebrities Shaq, Naomi Osaka, and David Ortiz in Marketing Deals
FTX, a failed cryptocurrency exchange currently undergoing bankruptcy procedures, has revealed that it paid substantial amounts of money to high-profile celebrities and sports personalities such as Shaquille O’Neal, Naomi Osaka, and David Ortiz. Court documents filed by FTX’s current management in the U.S. Bankruptcy Court in Delaware disclosed the list of celebrities, businesses, and sports teams that received payments as part of FTX’s marketing campaign. FTX admitted that the list might not be exhaustive but stated its commitment to identifying all outstanding payments made in previous years to cover its debts.
The disclosed list includes payments made to celebrities who actively promoted FTX before its collapse. Notably, FTX paid approximately $750,000 to Shaquille O’Neal, around $308,000 to Naomi Osaka, nearly $206,000 to Trevor Lawrence, and about $271,000 to David Ortiz. Some of these celebrities are already facing lawsuits from FTX creditors over their endorsement of the company. FTX’s former founder, Sam Bankman-Fried, had previously organized glitzy promotions with influential figures like Tom Brady, Bill Clinton, and Tony Blair.
Hot Take
The revelation of FTX’s payments to celebrities in marketing deals highlights the extent to which the exchange went to promote its services through influential personalities. While FTX’s current management aims to recover these payments to address its debts, the final amount retrieved may vary significantly. This incident serves as a reminder of the risks associated with celebrity endorsements in the cryptocurrency space and the need for regulation to protect investors from potential misconduct.
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