Steph Curry could ‘lose big’ from FTX collapse; Michael Lewis set to
write book
With FTX, Curry said in a commercial for the collapsed exchange, 'I have
everything I need to buy, sell and trade crypto safely'
>Golden State Warriors’ Stephen Curry #30 gestures to the crowd as he
celebrates a basket n the fourth quarter of their NBA game against the
Sacramento Kings at the Chase Center in San Francisco, Calif., on
Monday, Nov. 7, 2022. (Jane Tyska/Bay Area News Group)
By MARTHA ROSS | mross@bayareanewsgroup.com | Bay Area News Group
PUBLISHED: November 14, 2022 at 10:52 a.m. | UPDATED: November 14, 2022
at 6:02 p.m.
https://www.eastbaytimes.com/2022/11/14/steph-curry-could-lose-big-from-ftx-collapse-michael-lewis-set-to-write-book/

As news circulated over the weekend that Berkeley author Michael Lewis
had spent the past six month embedded with former FTX CEO Sam
Bankman-Fried to reportedly write a book about the rise and fall of the
cryptocurrency wunderkind, the financial markets continued to reel from
the stunning collapse of his exchange.

Analysts also pondered whether Steph Curry, Tom Brady and his ex-wife
Gisele Bundchen and FTX’s other high-profile backers will “lose big”
from the company’s bankruptcy filing,” MarketWatch reported. The
implosion of Bankman-Fried’s cryptocurrency exchange has cost customers
billions of dollars in lost crypto deposits, setting off law-enforcement
investigations that could lead to criminal charges, the New York Times
reported.

FTX’s celebrity “brand ambassadors” could also face questions about
their role in promoting such a risky investment. “There’s celebrity CEOs
in this space as well as celebrity crypto entrepreneurs,” SEC chairman
Gary Gensler said on CNBC last week, prior to FTX’s bankruptcy
announcement Friday and Bankman-Fried’s resignation. “The public can
fall prey to their promotions, their marketing and the like.”

Bankman-Fried, a Bay Area native and the son of Stanford professors,
himself lost his entire $16 billion fortune, but he’s not the only
high-profile investor who may be out of a lot of money, given that he
and his company had substantial ties to the entertainment and sports
industries, The Ankler reported. To some extent, those ties include
Lewis, the acclaimed financial journalist and best-selling author of
“Moneyball” and “The Big Short,” both of which were made into Academy
Award-nominated and -winning films.

Lewis, however, is not an investor. According to The Ankler, the author
has been traveling with and interviewing Bankman-Fried for the past six
months and will make the collapse of his cryptocurrency exchange the
centerpiece of his next book. The Ankler said it had obtained an email
from CAA agent Matthew Snyder, which reveals that the book hasn’t been
written yet. It’s expected to cover Bankman-Fried’s childhood and the
creation of his crypto empire that made him “one of the richest people
in the world,” The Ankler said.

It remains to be seen how much Curry, Brady and Bündchen will figure
into the book — and potential movie adaptation. Each were were given
equity stakes in FTX, MarketWatch reported. It’s not clear how much any
of them received, but FTX raised capital at a $32 billion valuation
after their deals with the company were announced, MarketWatch said.
None of the three responded to MarketWatch’s request for comment.

They, Larry David and Naomi Osaka also were paid to endorse FTX and
appeared in much-ridiculed spots endorsing the company, The Ankler
added. Curry was made a global ambassador for FTX; the Golden State
Warriors star’s commercial commercial humorously plays up the idea that
he’s no “expert” in cryptocurrency, the concept of which remains elusive
to many consumers.

It ends with the NBA champion assuring his fans and others that they
don’t need to know that much about cryptocurrency to make money
investing — if they use FTX.

“No I’m not an expert and I don’t need to be,” Curry said, holding up
his phone showing the FTX app. “I have everything I need to buy, sell
and trade crypto safely.”

--
FTX
@FTX_Official ·Follow
Official

Want to learn more about crypto? As the world’s leading crypto expert,
@stephencurry30 has got you covered...or does he?

👉http://ftx.us/notanexpert
[video]

11:59 AM · Mar 29, 2022
3K Reply Share
--

For his part, Brady served as an ambassador for the company, while
Bündchen specifically held a post as “FTX’s Environmental & Social
Initiatives Advisor,” MarketWatch said.

The exes also starred in several TV commercials for FTX. One, like the
Curry commercial, also doesn’t age well in light of recent events. It
starts off with the ex-couple at home in their stylish kitchen, alluding
to his reluctance to retire from playing football — an issue that
reportedly contributed to their recent divorce. The commercial then
shows Brady calling various people to let them know, “I’m getting into
crypto. With FTX. You in?”

At the time, Brady spoke glowingly about FTX and Bankman-Fried,
according to MarketWatch. “It’s an incredibly exciting time in the
crypto-world and Sam and the revolutionary FTX team continue to open my
eyes to the endless possibilities,” he said.

Brady also highlighted one of the main ways Bankman-Fried tried to
promote himself: His advocacy for a type of philanthropy known as
“effective altruism,” which advocates applying data and evidence to
doing the most good for the many, the New York Times reported.

Brady said: “This particular opportunity showed us the importance of
educating people about the power of crypto while simultaneously giving
back to our communities and planet. We have the chance to create
something really special here, and I can’t wait to see what we’re able
to do together.”

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But as the New York Times reported Sunday, the collapse of FTX has meant
the destruction of Bankman-Fried’s fortune and reputation, and has
probably dealt a severe blow to his philanthropic efforts.

“Now nonprofits are scrambling to replace millions in grant commitments
from Bankman-Fried’s charitable vehicles, and members of the effective
altruism community are asking themselves whether they might have helped
burnish his reputation,” the New York Times reported.

A day after FTX filed for bankruptcy, the exchange said on Saturday that
it was investigating “unauthorized transactions” flowing from its
accounts, possibly as a result of hacking or theft, as crypto
researchers documented suspicious transfers of $515 million, the New
York Times also reported.

--
Martha Ross | Features writer
Martha Ross is a features writer who covers everything and anything
related to popular culture, society, health, women’s issues and families.

Allen wrote:
> Steph Curry could ‘lose big’ from FTX collapse; Michael Lewis set to
> write book
> With FTX, Curry said in a commercial for the collapsed exchange, 'I have
> everything I need to buy, sell and trade crypto safely'
> >Golden State Warriors’ Stephen Curry #30 gestures to the crowd as he
> celebrates a basket n the fourth quarter of their NBA game against the
> Sacramento Kings at the Chase Center in San Francisco, Calif., on
> Monday, Nov. 7, 2022. (Jane Tyska/Bay Area News Group)
> By MARTHA ROSS | mross@bayareanewsgroup.com | Bay Area News Group
> PUBLISHED: November 14, 2022 at 10:52 a.m. | UPDATED: November 14, 2022
> at 6:02 p.m.
> https://www.eastbaytimes.com/2022/11/14/steph-curry-could-lose-big-from-ftx-collapse-michael-lewis-set-to-write-book/
>
>
>
> As news circulated over the weekend that Berkeley author Michael Lewis
> had spent the past six month embedded with former FTX CEO Sam
> Bankman-Fried to reportedly write a book about the rise and fall of the
> cryptocurrency wunderkind, the financial markets continued to reel from
> the stunning collapse of his exchange.
>
> Analysts also pondered whether Steph Curry, Tom Brady and his ex-wife
> Gisele Bundchen and FTX’s other high-profile backers will “lose big”
> from the company’s bankruptcy filing,” MarketWatch reported. The
> implosion of Bankman-Fried’s cryptocurrency exchange has cost customers
> billions of dollars in lost crypto deposits, setting off law-enforcement
> investigations that could lead to criminal charges, the New York Times
> reported.
>
> FTX’s celebrity “brand ambassadors” could also face questions about
> their role in promoting such a risky investment. “There’s celebrity CEOs
> in this space as well as celebrity crypto entrepreneurs,” SEC chairman
> Gary Gensler said on CNBC last week, prior to FTX’s bankruptcy
> announcement Friday and Bankman-Fried’s resignation. “The public can
> fall prey to their promotions, their marketing and the like.”
>
> Bankman-Fried, a Bay Area native and the son of Stanford professors,
> himself lost his entire $16 billion fortune, but he’s not the only
> high-profile investor who may be out of a lot of money, given that he
> and his company had substantial ties to the entertainment and sports
> industries, The Ankler reported. To some extent, those ties include
> Lewis, the acclaimed financial journalist and best-selling author of
> “Moneyball” and “The Big Short,” both of which were made into Academy
> Award-nominated and -winning films.
>
> Lewis, however, is not an investor. According to The Ankler, the author
> has been traveling with and interviewing Bankman-Fried for the past six
> months and will make the collapse of his cryptocurrency exchange the
> centerpiece of his next book. The Ankler said it had obtained an email
> from CAA agent Matthew Snyder, which reveals that the book hasn’t been
> written yet. It’s expected to cover Bankman-Fried’s childhood and the
> creation of his crypto empire that made him “one of the richest people
> in the world,” The Ankler said.
>
> It remains to be seen how much Curry, Brady and Bündchen will figure
> into the book — and potential movie adaptation. Each were were given
> equity stakes in FTX, MarketWatch reported. It’s not clear how much any
> of them received, but FTX raised capital at a $32 billion valuation
> after their deals with the company were announced, MarketWatch said.
> None of the three responded to MarketWatch’s request for comment.
>
> They, Larry David and Naomi Osaka also were paid to endorse FTX and
> appeared in much-ridiculed spots endorsing the company, The Ankler
> added. Curry was made a global ambassador for FTX; the Golden State
> Warriors star’s commercial commercial humorously plays up the idea that
> he’s no “expert” in cryptocurrency, the concept of which remains elusive
> to many consumers.
>
> It ends with the NBA champion assuring his fans and others that they
> don’t need to know that much about cryptocurrency to make money
> investing — if they use FTX.
>
> “No I’m not an expert and I don’t need to be,” Curry said, holding up
> his phone showing the FTX app. “I have everything I need to buy, sell
> and trade crypto safely.”
>

Oh well!

--Robin