Taylor Swift Knew FTX Was Trouble When It Walked In
Key takeaways
- Taylor Swift was reportedly close to signing a $100 million deal with the now-disgraced FTX to promote the crypto brand
- The details have been revealed as part of a class action lawsuit against celebrities involved in the FTX scandal
- The crypto market is bouncing back from the ‘crypto winter’ in 2023
When FTX came knocking, every celeb threw themselves at the opportunity to be an ambassador for crypto’s new darling. But it turns out pop star Taylor Swift wasn’t having any of it, forensically scrutinizing the $100 million proposition before ghosting FTX on the deal.
She dodged a bullet, as dozens of celebs are now on the hook in a huge lawsuit for promoting unregistered securities. Despite everything, crypto is living to see another day in 2023. Let’s get into it.
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Taylor Swift and the FTX lawsuit
In a class action lawsuit filed in Miami late last year, at least 12 celebrities including NFL legend Tom Brady, supermodel Gisele Bundchen and tennis star Naomi Osaka were sued by FTX investors for “false representations and deceptive conduct”.
But now a key attorney in the suit, Adam Moskowitz, has revealed pop star Taylor Swift was the only one who asked the right questions, saving her from potentially costly and lengthy litigation. Moskowitz alleges Taylor was the only celebrity to do proper due diligence and ask questions about promoting FTX and unregistered securities.
Elon decided to weigh in on Twitter, summing it up nicely: “Taylor is smart and her father is a well-regarded investment banker.”
The wider crypto market
Despite the so-called ‘crypto winter’, high inflation and the FTX fallout last year, in 2023, crypto has enjoyed somewhat of a comeback. Bitcoin is up 65% since the start of the year and has flirted with the $30,000 threshold in the last few weeks. Ethereum is also up 55% in the same time period.
Crypto is sensitive to headwinds and highly volatile, which is why regulators are cracking down. At the end of March, Binance became the latest crypto company to be sued for violating regulations. Days before, Coinbase got an enforcement notice from the SEC.
But despite everything, the enthusiasm for crypto is far from waning with retail investors.
The bottom line
There’s a lesson to be learned here for celebrities and sports stars looking to supplement their income: hire a financial expert (maybe Taylor’s dad?) before signing up for a risky crypto deal. The lesson for everyone else? Your due diligence before any investment is key — because these celebs aren’t doing it for themselves.
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