NBA Star Reportedly Paid $35 Million to Promote FTX
In a recent interview, author Michael Lewis claimed that NBA All-Star Steph Curry was paid a staggering $35 million to promote the now-defunct cryptocurrency exchange, FTX. Lewis revealed this information while discussing his book about FTX founder Sam Bankman-Fried. According to Lewis, he had numerous meetings with Bankman-Fried and was able to see internal FTX documents that detailed celebrity endorsement deals. In addition to Curry, Lewis mentioned that other celebrities, including Tom Brady, were also paid tens of millions of dollars by FTX for promotional work. The interview clip was shared by 60 Minutes on Twitter.
Curry’s Partnership with FTX
Steph Curry joined FTX as a global ambassador and equity stakeholder in 2021. FTX made the announcement in a now-deleted tweet, welcoming Curry to the team. As part of his partnership deal, Curry worked for 20 hours per year for three years and received $35 million in compensation. This revelation sheds light on the significant amounts of money exchanged between cryptocurrency firms and celebrities for promotion.
Bankman-Fried Court Trials Underway
Meanwhile, Sam Bankman-Fried’s court trials have begun in Manhattan. The trial is currently in its fourth day and is expected to last up to six weeks. Bankman-Fried has been directly addressed by US District Judge Lewis Kaplan regarding his right to testify. Witnesses, including FTX co-founder Gary Wang and Caroline Ellison, former CEO of Alameda Research and Bankman-Fried’s ex-girlfriend, are expected to testify against him during the trial. Both Wang and Ellison have pleaded guilty to charges and have been cooperating with the US attorney’s office in Manhattan.
Hot Take: Celebrity Endorsements in the Crypto Industry
The revelation of the substantial payments made to Steph Curry and other celebrities for promoting FTX highlights the prevalence of celebrity endorsements in the cryptocurrency industry. These endorsements serve as a powerful marketing tool, leveraging the influence and popularity of well-known figures to promote crypto platforms and products. While the large sums of money involved may raise eyebrows, they demonstrate the competitive nature of the crypto market and the willingness of companies to invest heavily in marketing efforts. However, with increased scrutiny and regulation, it remains to be seen how these celebrity endorsements will evolve in the future.
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