As a legendary basketball player, there is no doubt that Steph Curry is a fortunate man. On top of that, Curry is also married to a woman who has made millions, seems to love him, and is gorgeous.
However, celebrities like Curry can take huge hits sometimes. After all, Barbra Streisand lost millions on a movie deal and Chris Hemsworth’s wife launched a failed business that cost her a fortune. Similar to those two, Curry lost a fortune after his cryptocurrency investment lost all its value.
This article will reveal how Stephen Curry lost millions after investing in the fraudulent Cryptocurrency company FTX. The article will then reveal which other celebrities got entangled in FTX’s downfall.
Steph Curry Likely Lost Tens Of Million After FTX’s Downfall
In 2022 and 2023, Sam Bankman-Fried was all over the news as his company FTX imploded, he went on trial, and he was found guilty. Unfortunately for Stephen Curry, Bankman-Fried wasn’t the only one who lost a lot after FTX was exposed as a fraud.
Before what was going at FTX was revealed to the world, Steph Curry worked to promote the company. As a result of that business relationship, Curry’s FTX involvement could cost Curry millions in more than one way.
Who were the highest-paid athletes in 2023, according to Forbes?
Most obviously, Curry was named in a pair of lawsuits over his involvement in FTX and the Bored Ape Yacht Club series.
According to Mercury News, the first of those lawsuits was filed by Oklahoma resident Edwin Garrison and sought to become a class-action legal battle. The second lawsuit that involved Curry was filed by a pair of investors who were seeking at least $5 million in damages.
At this time, there is no way to know how much Curry might lose from those lawsuits. Similarly, there is no way to know how much money Curry will lose from the other way his FTX commercials will cost him. Being associated with a disastrous brand like FTX may hurt Curry’s credibility which could mean that his future endorsement deals will be less rewarding.
There are some more concrete ways that Curry’s cryptocurrency involvement has cost the superstar athlete. Not only did Curry promote FTX, he was an investor in the company.
Following the collapse of the cryptocurrency exchange, the New York Post reported that Curry had previously become a global ambassador for FTX in exchange for equity in the company.
In short, that means that Curry agreed to at least have part of the money he was paid to promote FTX come in the form of an investment. When FTX lost its value, the money Curry had invested in the company disappeared.
With that in mind, it begs an obvious question, how much money did Curry have invested in FTX? Unless something changes, there is no way to know for sure what that figure is. That said, there is a lot of evidence available that allows observers to make an educated guess about what that number could be.
In October 2023, The San Francisco Chronicle reported on how much money FTX paid celebrities to promote the company. According to that report, Curry was paid $35 million by FTX for roughly sixty hours of work over three years.
If he took all that money in FTX equity, Curry lost $35 million from the company’s implosion, according to The New York Post. At least that will be the case until FTX’s investors find out what percentage of their money they will get back following the company’s liquidation.
However, things aren’t actually that simple. After all, based on what is known about Tom Brady’s FTX involvement, Curry may have taken some of his salary to promote the company in cash.
According to The San Francisco Chronicle’s aforementioned report, Tom Brady was paid $55 million to promote FTX. However, ESPN reported that Brady only lost $30 Million when his FTX investment went up in smoke. That means that Brady only took roughly 55% of his salary in FTX equity.
If Curry took the same percentage, then he would have lost roughly $19.25 million after FTX’s downfall. While the exact figure can’t be accurately reported, it is virtually certain that Curry lost many millions from his FTX investment.
FTX’s Downfall Cost Many Celebrities A Fortune
When the fraudulent nature of what was going on behind the scenes at FTX was exposed, it was obvious that certain people were going to lose a lot. On top of Sam Bankman-Fried, it was well-known that far too many regular people were going to take a massive hit.
On top of the regular people who trusted FTX, many celebrity investors also lost a lot of money.
Since some celebrities were closely linked with FTX in the public eye, it was obvious they were going to lose out. Some examples of those celebrities include Tom Brady, Gisele Bündchen, Stephen Curry, and Kevin O’Leary.
However, there also were some other celebrities that many people didn’t realize were invested in FTX. That list of people includes Robert Kraft, Robert Belfer, Anthony Scaramucci, Naomi Osaka, and David Ortiz.
Some more celebrities got named in FTX related lawsuits including Shaquille O’Neal. It also is known that Larry David was named in an FTX lawsuit after appearing in the company’s Super Bowl commercial.