Athletes, venture capital firms and others are among the victims of the FTX meltdown

FTX, one of the largest cryptocurrency exchanges in the world, quickly collapsed.

FTX, Alameda Research Trading Company, West Realm SeriesAnd the It and 130 affiliates filed for bankruptcy protection late last week, just days after another cryptocurrency exchange withdrew from an agreement to acquire it and cited red flags raised during due diligence. The ailing company is reportedly facing possible government investigations.

Larry Summers: FTX might be a standout

Its founder, Sam Bankman Fried, on Friday stepped down as CEO, handing the reins to former Enron liquidator John J. Ray III. Bankman-Fried and the company have been accused of secretly funneling FTX clients’ funds to his trading firm, according to Reuters.

Here are some eCities and individuals potentially affected by the FTX collapse.

Sequoia Capital

Sequoia Capital has “limited” exposure to FTX, with one fund investing $150 million in and FTX US and the other investing $63.5 million, to me A note the venture capital firm sent to limited partners and shared on Twitter Nov. 9.

“FTX is not in the top 10 of the fund, and the $150 million cost basis represents less than 3% of the fund’s committed capital,” Sequoia said of its investment in Global Growth Fund III. “The $150 million loss was offset by approximately $7.5 billion in realized and unrealized gains in the same fund, so the fund remains in good shape.”

The other FTX position is equivalent to “less than 1% of the SCGE fund portfolio 9/30/2022 (at fair value),” according to Sequoia Capital.

The venture capital firm said it had decided to “reduce our investment to $0.”


SoftBank has participated in FTX fundraising rounds in the past, including contributing to a Series C that brought in $400 million for the cryptocurrency exchange, according to a press release in late January.

This pictogram shows a smartphone screen displaying the logo of FTX, the cryptocurrency exchange platform, with a screen showing the FTX website in the background in Arlington, Virginia on February 10, 2022. – Sam Bankman-Fried wore a suit and ti ((Photo by Oliver Dollery/AFP) (Photo by Oliver Dollery/AFP via Getty Images)/Getty Images)

MarketWatch reported on Friday that SoftBank CEO Yoshimitsu Goto said a small investment, less than $100 million, had been awarded to FTX by the company. Unnamed sources told Reuters and Bloomberg that SoftBank has plans to likely write it off as a complete loss.

Tom Brady and Gisele Bundchen

FTX announced in a press release at the time that Tom Brady and his ex-wife, Gisele Bundchen, had reached an agreement with FTX in June 2021 in which he would become an ambassador and she would become an advisor on environmental and social initiatives.

Tom Brady smiles

Tom Brady #12 of the Tampa Bay Buccaneers, walks to the field before the game against the Carolina Panthers at Bank of America Stadium on October 23, 2022 in Charlotte, North Carolina. (Grant Halverson/Getty Images/Getty Images)


They each received a stake in FTX as part of the partnership, in addition to the cryptocurrency, according to the release.

Because the stock market filed for bankruptcy, the stock shares in the company lost value.

Stephen Curry

Golden State Warriors guard Stephen Curry signed a “long-term partnership” with FTX back in September of last year. He became a global ambassador for FTX, a role intended to “expand the reach of the FTX brand and promote the viability of cryptocurrency to new audiences,” according to a statement announcing the deal.

Stephen Curry

SAN FRANCISCO, CA – NOVEMBER 7: Stephen Curry #30 of the Golden State Warriors stands on the field during their game against the Sacramento Kings at Chase Center on November 7, 2022 in San Francisco, California. Note to the user: User expressly ((Photo by Ezra Shaw/Getty Images)/Getty Images)

For his ambassador’s agreement, FTX said at the time, Curry took a stake in the company. His foundation has also reportedly agreed to take part in some charitable efforts.


The number of FTX customers affected remains unclear at this time.

Court documents recently filed by FTX attorneys with the US Bankruptcy Court indicated that more than 1 million creditors may be affected. The company said there are 100,000 creditors — mostly customers — that it knows of, FOX Business previously reported.

Who is responsible for the collapse of FTX CRYPTO?

FTX’s native token, FTT, has seen its value drop sharply in recent days. The CEO of Binance, another cryptocurrency exchange, said Sunday that it has stopped accepting FTT deposits, and others have reportedly delisted the token.

FOX Business has reached out to Sequoia Capital and SoftBank for comment, as well as Carey’s rep. Brady’s representative declined to comment.

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