Skip to main content

State Launches Investigation Into Tom Brady's Promotion

Tom Brady against the New York Jets in January 2002.

EAST RUTHERFORD, NEW JERSEY - JANUARY 02: (NEW YORK DAILIES OUT) Tom Brady #12 of the Tampa Bay Buccaneers prepares for a game against the New York Jets at MetLife Stadium on January 02, 2022 in East Rutherford, New Jersey. The Buccaneers defeated the Jets 28-24. (Photo by Jim McIsaac/Getty Images)

Tom Brady's tumultuous year could get even messier following FTX's collapse.

According to a Bloomberg report (h/t the New York Post), Texas state regulators are investigating payments the cryptocurrency platform made to Brady and other celebrity endorsers, including NBA star Stephen Curry, before its collapse.

Joe Rotunda, director of enforcement at the Texas State Securities Board, said they're "taking a close look" at Brady and other celebrity promoters. However, they're just one part of a wide-ranging investigation.

Last week, an Oklahoma resident filed a class-action lawsuit against Brady, ex-wife Gisele Bündchen, Curry, Naomi Osaka, Shaquille O'Neal, and other celebrities who promoted FTX. Another person filed a lawsuit against the Golden State Warriors, who named FTX the team's official cryptocurrency last year. 

Brady and Bündchen appeared in an ad where they convinced people to quit their jobs to invest in FTX. The collapsed exchange, founded by Sam Bankman-Fried, filed for Chapter 11 bankruptcy and owes creditors more than $3 billion.

The exchange allegedly used customer funds for trading without having enough money on hand for customer withdrawals.