- Multi-platinum pop diva Taylor Swift’s crypto venture via FTX didn’t happen.
- In April, a puff piece in New York Magazine praised Swift’s due diligence.
- Anonymous witnesses report the other side of the story to CNBC News.
Deemed “the one celeb too smart to fall for the fallen FTX” by NYMAG Intelligencer back in April, fresh evidence suggests that Taylor Swift was nowhere near the proclaimed exception. On the contrary, the American artist’s executive team was shocked to find out FTX boss Samuel Bankman-Fried backed out of the $100 million deal.
This comes after high-class attorneys defended Swift and emphasized her “due diligence efforts,” highlighting the interrogative approach in the iconic singer’s conversation with FTX’s representative.
Sponsored
Indeed, Swift asked how the cryptocurrency assets sold on the FTX crypto platform differ from unregistered securities. Nevertheless, after half a year of intense negotiations, Swift’s executives proceeded with the deal.
SBF Shows Swift the Other Side of the Door
In a recent interview for CNBC News, a person familiar with the matter described the moment Sam Bankman-Fried was convinced by his colleagues to drop the $100 million deal, even though the signed contract was in SBF’s inbox for at least a few weeks.
Besides peer pressure, another factor in this decision for SBF could have been the boiling legal troubles – FTX filed for bankruptcy protection in November 2022. Soon after, SBF was charged with fraud, market manipulation, and bribery, among other charges.
In January 2023, the Securities and Exchange Commission (SEC) released an injunction prohibiting the once-successful crypto mogul from “participating in the issuance, purchase, offer, or sale of any securities, except for his own personal account.”
On The Flipside
- If the $100 million deal had been signed, it’s unlikely that Taylor Swift would actually promote the FTX franchise – the negotiations fizzled out just a month before its downfall.
Why This Matters
Celebrity sponsorship deals contribute towards retail crypto adoption in the long run.
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