FTX is making an audacious attempt to claim money back from high-profile celebrities it used to market the exchange prior to its bankruptcy filing in November 2022.
Legendary former basketball player Shaquille O’Neal, tennis ace Naomi Osaka, and baseball star David Ortiz were all paid large amounts of cash to endorse FTX.
O’Neal was paid $750,000, Osaka $300,000, and Ortiz more than $200,000. Payments were also made to NFL player Trevor Lawrence and the Golden State Warriors and Miami Heat.
According to reports, FTX’s financial consultants are looking into prominent individuals and businesses who received payments as part of the exchange’s marketing initiatives.
It’s believed FTX’s financial consultants are looking into whether these payments are fully within parameters that allow insolvent companies to reverse these types of transactions.
The celebrity sports personalities involved have already endured a torrid time following the collapse of FTX with users of the exchange seeking compensation from them in court.
Earlier this year the collapsed exchange filed lawsuits against co-founder Sam Bankman-Fried and other top executives in a bid to recover $1 billion in funds.