According to a report from The New York Times, it was former FTX CEO Sam Bankman-Fried (SBF) who called off the sponsorship deal between defunct cryptocurrency exchange FTX and Taylor Swift, not the singer-songwriter herself as initially believed. The agreement, valued at approximately $100 million, was dropped by Bankman-Fried prior to FTX filing for bankruptcy, leaving Swift’s team frustrated and disappointed.
The report challenges the narrative presented by numerous media outlets that Swift’s team had thoroughly considered the FTX deal before backing out. While Swift was relatively uninvolved in the crypto space prior to this incident, she is known for her awareness of owning one’s data, as demonstrated by her decision to re-record and re-release her albums following a dispute with her previous label.
The collapse of FTX has raised legal concerns for celebrities such as Tom Brady and Stephen Curry, along with other prominent figures who endorsed the exchange. Some have been named in class-action lawsuits filed by disgruntled FTX investors.
Sam Bankman-Fried himself is facing criminal charges related to fraud at FTX, with his trial scheduled to begin in October. Simultaneously, FTX’s bankruptcy case is ongoing in the United States District Court for the District of Delaware.
The article touches on the question of whether trust can be placed in cryptocurrency exchanges after the downfall of FTX.
It also mentions the potential impact of endorsements by celebrities in the crypto world, highlighting those who faced negative consequences and those who managed to avoid them.
Overall, the report reveals new insights into the FTX-Taylor Swift sponsorship deal, shedding light on the role played by Sam Bankman-Fried and challenging the initial portrayal of the situation.