Crypto Exchange FTX's Collapse Continues To Cause Fallout Throughout Industry

Texas launches investigation of Tom Brady over FTX promotion

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Tom Brady may want to avoid Texas for a while. Or longer.

Via Watcher.Guru, Texas has began an investigation of Brady and Steph Curry for their activities to promote FTX.

Sports lawyer Daniel Wallach adds that the Texas State Securities Board has filed a Notice of Appearance in the FTX bankruptcy proceeding.

It could just be the beginning. Federal prosecutors reported investigated FTX months before its collapse. Now that the company has imploded, it may just be a matter of time before the indictments are handed down.

Brady, who became a brand ambassador for FTX in 2021, and Curry have already been sued in connection with the crash of the crypto house of cards. The argument is that it is and always was a pyramid scheme, with celebrities employed to encourage people to buy, buy, buy — driving the price higher. Then, the first ones in start cashing out, more take their money, and it all falls apart. With those who swallowed the hook last holding the bag.

Now, Brady may have multiple bags to hold as the process of figuring out responsibility for the alleged swindle begins.

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