Sam Bankman-Fried, the man behind one of the largest financial frauds in history, has agreed to testify against his former celebrity pals.
Bankman-Fried will testify against Shaquille O’Neal, Tom Brady, Stephen Curry, Larry David, Naomi Osaka, and others.
The stars accepted millions of dollars in investor funds to promote FTX on social media, TV, and in print.
Bankman-Fried is currently serving 25 years in prison for lying to federal prosecutors and his investors about his failed FTX cryptocurrency exchange.
At its peak, FTX was worth over $32 billion. But the massive scam collapsed in November 2022 when a CoinDesk report revealed that most of FTX’s assets was held in a ghost trading company that Bankman-Fried controlled.
Even worse, none of the $8 billion in investor assets could be accounted for.
The news sent investors into a panic. They scrambled to withdraw funds from their FTX accounts before it was too late.
Rapper French Montana told VladTV that he “cried real tears” when he woke up one day and realized he lost $5 million.
“I woke up and lost 5 million dollars, because I didn’t take my money out in time,” Montana said.
He added, “For somebody like me, who’s an artist, to wake up and lose 5 million dollars — a lot of artists don’t even got that to wake up to.”
Pop superstar Taylor Swift asked the right questions when she was offered $100 million to promote FTX.
Swift asked if FTX was selling “unregistered securities.” She suspected FTX was a Ponzi scheme. She declined to promote FTX to her fans.
As Business Insider reported, other celebrities failed to ask similar questions before accepting millions to promote the crypto scam.
Now they are all defendants in an FTX crypto lawsuit.
