Collapsed crypto exchange FTX was reportedly in the late stages of negotiating a sponsorship deal worth more than $100 million with musician Taylor Swift before pulling out.
FTX Pulled Out of Taylor Swift Deal, Not The Other Way
Collapsed crypto exchange FTX was reportedly in the late stages of negotiating a sponsorship deal worth more than $100 million with musician Taylor Swift before pulling out.
Former FTX CEO and co-founder Sam Bankman-Fried, who is currently awaiting trial, walked away from the deal after Swift signed, according to a report by The New York Times. The last-minute change of plans reportedly left Swift's side "frustrated and disappointed."
It was first reported by The Block in April that Swift was the one who actually backed out of the agreement, citing statements made by Adam Moskowitz, a lawyer who is currently organizing a class action lawsuit against celebrities who supported FTX. According to him, Swift exercised "due diligence" while determining whether crypto tokens were unregistered securities.
The New York Times reported that Moskowitz later recanted his statements, claiming that he lacked inside information of Swift's actions or negotiations.
FTX, well-known for its various high-profile partnerships with celebrities and athletes including NFL star Tom Brady, went out of business in November of last year due to a liquidity crisis that prevented it from paying out customer deposits.
