Gisele Bündchen breaks silence on FTX collapse after having $25 million stake in company
Supermodel Gisele Bündchen has broken her silence on the collapse of FTX.
The Brazilian model had invested in the now-bankrupt crypto company, alongside her former husband Tom Brady, and appeared in several high-profile commercials for the brand.
Despite speaking to financial advisors before investing, the 42-year-old admits that she was still ‘blindsided’ when the company folded.
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FTX was a cryptocurrency exchange and began trading in 2019, allowing users on its app to invest in various digital assets including NFTs.
However, the brand had allegedly misled customers about potential returns and this caused a bank run, with customers rapidly withdrawing funds after they lost confidence.
This included Bündchen who had reportedly invested $25 million (£20.4m) in the company, buying over 700,000 shares after seeking advice from her financial advisors.
Her former husband, NFL legend Tom Brady, had also allegedly spent $45 million ($36.8m) buying into the firm and appeared in several FTX commercials with Bündchen.
As founder Sam Bankman-Fried stands trial over the failed firm, the supermodel has finally spoken about the collapse of FTX.
Whilst she legally cannot go into the specifics of the collapse, the model told Vanity Fair that she’d been ‘blindsided’ by the bankruptcy and added that she was ‘no different than everyone else that trusted the hype’.
She even admitted that she believed FTX was "a sound and great thing based on what my financial advisers told me."
"It's just...terrible," the fashion model said, adding: "I'm so sorry for all of us that this happened, and I just pray that justice gets made."
Though the founder is at the centre of the scandal, Bündchen and Brady are also receiving backlash for their endorsement of the failed firm.
According to Forbes, the former husband and wife are allegedly being sued for promoting the brand along with a host of other celebrities – including Shaquille O'Neal.
The suit has been reportedly lodged by Oklahoma resident Edwin Garrison, who claims he opened an account with FTX after being influenced by the celeb endorsements.
In an email from Edwin’s lawyer, they have allegedly served papers to several high-profile stars but are struggling to contact O'Neal.
It read: "The sole remaining Defendant to accept service of the complaint is Defendant Mr. Shaquille O'Neal, who we know has discussed the existence of this case, but is apparently still actively evading service, refusing to answer his home door when approached by our process servers.”
Previously, the NBA star had tweeted about his collaboration with FTX, saying he hoped to "help make crypto more accessible for everyone."
Topics: Celebrity, Crime, Cryptocurrency, US News, Tom Brady
Katherine Sidnell