Gisele Bündchen, a supermodel, said that the sudden collapse of cryptocurrency exchange FTX in late 2022 was “terrible” and that it “caught her off guard.
Vanity Fair was told by Bündchen that she was “just like everyone else who bought into the hype. The outlet said Wednesday that Bündchen said she thought it was a “good and sound thing” based on what her financial advisers told her.
As part of a “long-term partnership” announced by the cryptocurrency exchange in June 2018, Bündchen was brought on as an advisor for environmental and social projects.
The company said at the time that she also got stock and cryptocurrency.
Her ex-husband, retired NFL quarterback Tom Brady, also had a deal with FTX as an ambassador. According to the press release, he got stock in the company and crypto as payment.
Bündchen started working with FTX about 16 months before the company filed for Chapter 11 bankruptcy on November 20. She, Brady, and a few other celebrities have been sued as a group because they promoted FTX before it went bankrupt.
Sources reported in January that bankruptcy filings showed that Bündchen owned about 680,000 shares of common stock. Bündchen also told Vanity Fair on FTX, “I’m so sorry that this happened to all of us, and I just hope that justice is done.
Sam Bankman-Fried, the exchange’s founder and former CEO, has been charged with 12 crimes since the exchange went down.
These include wire fraud, wire fraud conspiracy, money laundering conspiracy, commodities fraud conspiracy, and securities fraud conspiracy. Bankman-Fried, who has said he is innocent, quit as CEO on the same day that the company filed for bankruptcy.
Prosecutors in the U.S. have said that he and others “used a plan to steal billions of dollars from FTX customers in order to cheat them out of their money.
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He used them “for himself, to make investments, to give millions of dollars to federal candidates and political committees, and to pay back billions of dollars in loans he owed.”
“By Alameda Research, which had ties to FTX, so they said. The cryptocurrency exchange used to be one of the biggest, and when it went down, it had both direct and indirect effects on the industry.
After the collapse of FTX and other events in the crypto sector, lawmakers have looked into it more and called for regulation.