Supermodel Gisele Bündchen condemned the rapid collapse of the bitcoin exchange FTX in late 2022 as “awful,” stating it “blindsided” her.
Bündchen revealed that “just like everyone else who bought into the marketing. According to Bündchen, she had assumed it was a “sound and fantastic thing based on what my financial experts said” her, the source reported Wednesday.
Bündchen had become an adviser to FTX for environmental and social activities as part of a prior “long-term collaboration” announced by the crypto exchange in June 2021.
The firm later revealed that she had also received cryptocurrencies and an equity share. According to the announcement, her ex-husband, the retired NFL quarterback Tom Brady, also had an agreement with FTX as an ambassador in exchange for shares in the company and cryptocurrency.
Bündchen established her collaboration with FTX roughly 16 months before the company filed for Chapter 11 bankruptcy in November 2022. Madonna, Brady, and other celebrities have been sued in a class action complaint because of their earlier endorsement of FTX, which has now collapsed.
FOX Business reported in January that, according to FTX bankruptcy documents, Bündchen’s holdings of common shares amounted to around 680,000. On FTX, Bündchen also, “I feel terrible about what has occurred to us all and hope that justice will be served”.
Founder and ex-CEO Sam Bankman-Fried have been hit with a whopping 12 accusations since the collapse of the exchange, including wire fraud, wire fraud conspiracy, money laundering conspiracy, commodities fraud conspiracy, and securities fraud conspiracy. In the wake of the bankruptcy filing, Bankman-Fried, who has maintained his innocence, resigned as CEO.
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He “perpetrated a plot to defraud consumers of FTX by misappropriating billions of dollars of those customers’ monies,” according to U.S. prosecutors.
They alleged he used the funds “for his personal use, to make investments, and millions of dollars in political contributions to federal political candidates and organizations, and to repay billions of dollars in loans owing” by FTX-related Alameda Research.
The cryptocurrency exchange had been a major player in the market, and its collapse had far-reaching consequences. With the FTX crash and other occurrences in the cryptocurrency industry, lawmakers began looking more closely at the industry and calling for regulation.
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