The bankruptcy of FTX

FTX was one of the biggest companies in the cryptocurrency market, gaining its space through marketing. Before filing for bankruptcy, the large company was responsible for leading several campaigns.

The company was able to count on the investment in the brokerage of several celebrities including Gisele Bündchen, Tom Brady and Naomi Osaka, who even suffered from the company’s collapse.

The company had also managed to include its logo on the shirt of the Brazilian team fury of Brazilian eSports, which on November 11 announced the suspension of the contract with the company, “the objective was to prevent the current phase of the company (FTX) from harming any fan” , said André Akkari co-CEO of the team.

The brokerage’s founder has seen his $26.5bn worth drop to less than $1bn. FTX filed for bankruptcy protection last week. On Wednesday, just before Chinese rival Binance pulled out of a takeover bid, Bankman-Fried said it would file for bankruptcy if the company fails to raise funds to cover a shortfall of up to $8 billion.

Devastated FTX

Model Gisele Bündchen, who is a consultant for environmental and social initiatives at FTX, had shot an inviting commercial for the company this year together with her husband Tom Brady, who are now divorced.

Today the two are apprehensive about the crisis, along with other major investors. In reference to the Lehman Brothers bank collapse that triggered a worldwide crisis in 2008, the FTX crisis has been called the “Lehman moment”.

The company is under investigation by US regulators, who are also investigating the other platforms, namely FTX US and Bankman-Fried’s trading company Parque Research. Confidence in the potential and profitable performance of the company has made many investors have great growth in a short time.

Shareholder loss is valued at between $1 billion and $2 billion, but the figure could be higher. In January of this year, the company was worth US$ 32 billion (R$ 170 billion, but today it is in bankruptcy.

Jones of the Green Bay Packers who along with Naomi Osaka received equity stakes by signing as global ambassadors. Four-time NBA champion Shaquille O’Neal was also a shareholder and global ambassador, and even appeared in a promotional video on Twitter wearing a wig. Larry David also starred in a commercial for FTX worth $30 million during the Super Bowl in 2022.

Add a Comment

Your email address will not be published. Required fields are marked *