Gisele Bündchen & Tom Brady Find Themselves Entangled in ‘Volatile’ Lawsuit After Their Divorce

Gisele Bündchen and Tom Brady may have wrapped up their divorce swiftly and amicably, but they are entangled in a much more serious lawsuit that could have major consequences. The former couple, who were featured in the FTX cryptocurrency ads earlier this year, may find themselves on the hook for major monetary damages in a proposed class action lawsuit after the collapse of the company.

FTX is now bankrupt, and new chief executive officer John J. Ray III told members the House committee, “We’re not going to be able to recover all the losses here.” The lawsuit filed on Nov. 15 claims FTX was a “Ponzi scheme” that used incoming money to pay off money already invested to make it look like the company had plenty of funds. Bündchen and Brady aren’t the only celebrities named in the lawsuit, Shaquille O’Neal, Naomi Osaka, and Stephen Curry are also being called out for their participation in promoting what turned out to be a very bad investment.

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None of them disclosed how much they were paid by FTX, so that could put them in a lot of trouble for “promoting unregistered securities,” per The Hollywood Reporter. The company recruited A-list celebrities for their ad campaigns to generate interest in cryptocurrency, which is a newer (and riskier) investment strategy in the digital age.

“People generally hesitate when it comes to the unknown,” said former FTX U.S. executive Sina Nader told The Hollywood Reporter last year. “Working with trusted people and institutions, people will look and say, oh, if Stephen Curry, or Tom Brady, or Gisele, or Trevor Lawrence, or the entire MLB are comfortable with crypto and FTX, then maybe I can get comfortable with it too.” In hindsight, it looks like it was a bad move for everyone involved because they may be held liable if the “volatile” class action suit moves forward.

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Before you go, click here to see the most important celebrity lawsuits over the past 15 years.

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