The scandal that engulfed Sam Bankman-Fried and FTX risks involving many stars, who were unwillingly involved with the activities of SBF and its companies. FTX collapse is estimated to have led to the loss of more than $8 billion in client funds.
FTX's new management team is working to recover hundreds of millions of dollars in cash from hundreds of bank accounts. After returning to the United States, Bankman-Fried was released from custody after being granted a $250 million bail in December, one of the most expensive in US history.
The judge overseeing the case has set a cut-off date for the trial to begin around October 2, 2023. From the documents that come from the FTX bankruptcy court case in Delaware, it is detailed that among the investors who invested their money in Bankman-Fried's bankruptcy firm, are Tom Brady, his ex-wife Gisele Bündchen, the owner New England Patriots Robert Kraft and billionaire hedge fund manager Paul Tudor Jones.
Who are and what risk the stars involved in the FTX collapse?
Additionally, Sports Business reporter Darren Rovell tweeted Tuesday that Brooklyn Nets owner Joe Tsai's family office was the 15th-largest owner in the company.
Jones is also listed as a shareholder through family trusts, although the amount of the his participation has not been specified. Both Brady and Bündchen held shares in FTX Trading. The NFL superstar has more than 1.1 million shares of common stock, while Bündchen holds more than 680,000 shares, according to Bloomberg.
Kraft holds shares in FTX Trading through KPC Venture Capital LLC. The firm owns more than 110,000 series B preferred shares, along with 479,000 shares of class A common stock and 43,545 series A preferred shares of West Realm Shires, which operates FTX US.
Investment bank Jefferies Group has reportedly estimated that FTX's creditors could recover up to 40% of the money they lost.