Reports have shown what former Chief Executive Officer of the bankrupt cryptocurrency exchange FTX Sam Bankman-Fried allegedly paid Golden State Warriors star Stephen Curry to promote the failed cryptocurrency exchange.
NBA ALL-Star Was Paid $35 Million for FTX’s Promotion
Author Michael Lewis claimed in an interview with “60 Minutes” that the NBA All-Star Steph Curry was paid $35 million to promote the failed cryptocurrency exchange for 20 hours of work in a year for 3 years.
In the interview, while promoting his latest book, Going Infinite: The Rise and Fall of a New Tycoon about FTX founder Sam Bankman-Fried, Lewis said that he was fortunate to have met with the former CEO over 100 times.
The author claimed that during the times he got to meet with Sam Bankman-Fried, he got a look at some internal FTX documents which showed how much celebrities made from partnering with the crypto firm. This was how he got to know about Curry’s partnership deal with the crypto exchange.
“He paid Tom Brady $55 million for 20 hours a year for three years. He paid Steph Curry $35 million for the same thing for three years,” Lewis stated.
Lewis also claimed that tens of millions of dollars was paid to several other celebrities to promote FTX including a Superbowl ad. 60 Minutes took to their official X (Formally Twitter) handle to share a short video clip of the interview where Lewis revealed this.
Steph Curry became a part of the crypto firm as a global ambassador with an equity stake in 2021, which FTX announced in a since-deleted post welcoming the NBA ALL-star to the crypto firm.
“Welcome to the FTX Team, NBA Superstar Stephen Curry!” the tweet said. We’re excited to announce he’s become FTX Global Ambassador and a shareholder. Though, who better to announce it than @StephenCurry30 himself.” the post read.
In addition, an ad voiced by NBA Legend Shaquille O’Neal featuring the NBA All-Star was made, which centred on the premise that even though Curry was a novice in crypto, FTX’s ease of use would help him succeed in the industry.
Sam Bankman-Fried is currently facing several federal charges, including wire fraud, money laundering, and securities fraud, among others. His trial began on Tuesday, October 3, 2023, the same day Michael Lewis’s new book was released.
The author believes that his new book about Sam Bankman-Fried might serve as a kind of letter to the jury in the CEO’s court trial.
Sam Bankman-Fried’s Court Trial Begins
Former CEO Sam Bankman-Fried court trials kicked off in Manhattan, New York, and the court trial is already on its day 4 and it is expected to last up to 6 weeks.
US District Judge Lewis Kaplan kicked off the trial by addressing Sam Bankman-Fried directly before the jurors arrived at the courtroom. Kaplan told Sam Bankman-Fried that he had the right to testify and that the decision to do so was up to him alone, not his attorneys.
The trial saw FTX co-founder Gary Wang as witnesses testifying against Sam Bankman-Fried in court on the 3rd and 4th days. While Caroline Ellison, the former Chief of Executive Officer of Alameda Research, and Sam Bankman-Fried’s ex-girlfriend, also expected to testify against SBF at some point.
Both Wang and Ellison have already pleaded guilty to several charges since December and have also been working with the US attorney’s office in Manhattan for several months now.
