Bitcoin Gone Bust? This Is How These Celebs Lost Big In Crypto Investing
Cryptocurrecy has long been touted as the future of capital, but it looks like it's losing luster (and value).
NEW YORK, NEW YORK – AUGUST 30: Naomi Osaka of Japan serves against Danielle Collins of the United States in their Women’s Singles First Round match on Day Two of the 2022 US Open at USTA Billie Jean King National Tennis Center on August 30, 2022 in the Flushing neighborhood of the Queens borough of New York City. (Photo by Sarah Stier/Getty Images)
Crypto giant Sam Bankman-Fried is facing trouble as his company FTX continues to battle money challenges, namely bankruptcy. The company faces a mass customer exodus as fears mounted around whether FTX has sufficient capital, leading to its eventual acquisition by rival Binance. But the deal came to a halt due to internal accounting inconsistencies according to reports.
“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” said Binance CEO Changpeng “CZ” Zhao in a Nov. 9 tweet, just one day after the bail-out package offer was made.
The company’s unfortunate downfall signals are a larger issue within the crypto industry as the once $1 trillion market fell to $870 billion in just a few days. Earlier this month, BTC was down more than 17% while ETH has lost nearly 18% of its value. This dip is affecting investors, even the rich and famous.
Here’s a look at what they’ve lost thus far.
01
Naomi Osaka
In March, it was widely announced that Naomi Osakabecome a global ambassador for FTX and was been rewarded with an equity stake in the business. Although the dollar amount of the deal was not disclosed, it is assumed Osaka’s ambassadorship is majorly altered by the company’s shuttering.
02
Golden State Warriors v Houston Rockets
03
Michael Jordan
The superstar launched his “6 Rings” NFT collection had lost more than half of its value as of mid-November according to reports. According to Investopedia, in March, each NFT was sold at an average of 16.99 SOL, but the price of Solana dropped dramatically, resulting in a net loss of over 92%.
04
Odell Beckham Jr.
NFL player Odell Beckham Jr announced in November that in a partnership with the payment service Cash App, he would accept his salary in bitcoin. The one-year contract is reportedly came in at $4.25 million with a base salary of $750,000. The 17% decrease in BTC will impact the overall value of this total if gains aren’t made in the market.
05
Eric Adams
New York City’s new mayor Eric Adams announced he would take his first three paychecks in cryptocurrency when he was sworn into office in January.
It is reported he lost more than $1,000 as the two cryptocurrencies declined significantly a short time later.
