Crypto aficionado Coffeezilla explains to Joe Rogan how Tom Brady ‘pushed’ people to invest in the FTX scam

Tom Brady's excessively pushed his followers to invest in FTX on his social media accounts.


Crypto aficionado Coffeezilla explains to Joe Rogan how Tom Brady ‘pushed’ people to invest in the FTX scam

Tom Brady with FTX founder Sam Bankman-Fried (Image via CoinDesk)

Tom Brady is widely considered the greatest quarterback in the history of the NFL. For more than two decades, Brady was the face of the NFL and a global icon which gained him fans and followers all over the world. Like every sports icon, Brady has also endorsed a lot of products and companies over the years including Aston Martin, Under Amour, and Molecule Mattresses.

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Most recently, Tom Brady promoted the crypto hedge fund FTX which turned out to be a scam and a score of people lost most of their life savings including the legendary quarterback. Everyone was confounded as to how the company went bankrupt overnight with almost $8 billion of investors’ money vanishing into thin air. Joe Rogan had crypto journalist Coffeezilla on the latest episode of his podcast where he explained why the business failed and how people were attracted to invest in the company.

Coffezilla blamed social marketing as the main reason why people invested their hard-earned money in the company. “The threat is you believe, you know, it’s kind of too good to be true. but the social proof is overwhelming. And it overwhelms, you’re kind of like alarm bells,” he said on the podcast. Coffezilla added this phenomenon was called social impact.

He explained it with a simple example if a person drives a Toyota then no one would believe that he would try and scam people. The same logic applies to celebrities like Tom Brady. People assumed that before investing millions of dollars into FTX, Brady would’ve had his people do the necessary due diligence. For this reason, when the 45-year-old pushed FTX on his social media platform, people invested in it blindly without researching it from their end.

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How much money did Tom Brady lose in FTX?

Tom Brady (Image via POPSUGAR)
Tom Brady (Image via POPSUGAR)

During the COVID-19 pandemic when the crypto market shot upward in no time with the market touching the $3 trillion mark, Tom Brady joined hands with the founder Sam Bankman-Fried to come on board. Brady was one of the early boosters of FTX and the main brand ambassador. However, once the company turned out to be another Ponzi scheme, investors filed a class-action suit against Brady and his ex-wife Gisele Bündchen along with other celebrities for pushing the company and luring investors into the Ponzi scheme.

The 7x Super Bowl champion purchased 1.1 million common shares which were worth almost $93 million at its peak while his ex-wife bought 680,000 shares. Once the market cooled down just as quickly as it rose up, the former power coupled lost 1.7 million shares that were once worth over $150 million.

While the amount s huge, it won’t affect Tom Brady nearly as much as it affected the working-class American people. In, the former Bucs’ quarterback is set to be a color commentator for FOX Sports. His 10-year deal is worth over $375 million which is more than he earned in his entire NFL career.

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