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Newly released court filings reveal some of the high-profile names who invested in Sam Bankman-Fried’s FTX cryptocurrency exchange and the size of their stake.
What Happened: The filings come from the FTX bankruptcy court case in Delaware and detail the investors who put their money into Bankman-Fried’s failed venture, including Tom Brady, his ex-wife Gisele Bündchen, New England Patriots owner Robert Kraft and billionaire hedge fund manager Paul Tudor Jones.
Both Brady and Bündchen hold shares of FTX Trading. the NFL superstar has more than 1.1 million common shares, while Bündchen holds more than 680,000 shares, according to Bloomberg.
Kraft, who is Brady’s former NFL boss, holds shares of FTX Trading through KPC Venture Capital LLC (linked to the Kraft Group). The firm holds more than 110,000 Series B preferred shares, along with 479,000 Class A common shares and 43,545 Series A preferred shares in West Realm Shires, which runs FTX US.
Additionally, Sports Business reporter Darren Rovell tweeted on Tuesday that “Brooklyn Nets owner Joe Tsai’s family office was the 15th biggest owner of the company.”
Jones is also listed as a shareholder through family trusts, although his holding amount was not specified.
Also Read: FTX Insider Seeks Deal: Will This Further Isolate Sam Bankman-Fried In Fraud Case?
Why It Matters: Some of the celebrity boosters of FTX are facing a class action lawsuit alleging they misled other customers on the safety of the FTX crypto exchange. Those famous backers include Brady, Bündchen, Steph Curry and Larry David.
It’s estimated the FTX collapse led to the loss of more than $8 billion of customer funds. The new management team at FTX is working to recover hundreds of millions of dollars in cash from hundreds of bank accounts.
Investment bank Jefferies Group has reportedly assessed that FTX creditors could get back up to 40% of their lost money.
After returning to the U.S., Bankman-Fried was released from custody after he was granted a $250-million bail package in December, one of the largest in U.S. history. The judge overseeing the case has set a target date for the trial to begin on or around Oct. 2, 2023.
Now Read: Voyager Fights For Binance.US Deal Amid Objections From Regulators, Alameda Research
Photo: courtesy of Shutterstock.
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Image and article originally from www.benzinga.com. Read the original article here.