The reported sponsorship deal between FTX, a now-defunct cryptocurrency exchange, and Taylor Swift has taken a new turn as recent information suggests that it was former CEO Sam Bankman-Fried (SBF) who requested the deal to be called off, and not the popular singer-songwriter, as previously believed.
According to an article published by The New York Times on July 6, three individuals familiar with the sponsorship deal revealed that Bankman-Fried was the one responsible for ending the agreement worth approximately $100 million with Swift before FTX filed for bankruptcy.
Swift’s team had reportedly agreed to the deal after more than six months of negotiations, only to be left frustrated and disappointed when SBF abruptly canceled it.
This revelation contradicts the narrative presented by various media outlets, which had previously suggested that Swift’s team had diligently assessed the FTX deal before withdrawing.
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Notably, several celebrities such as Tom Brady and Stephen Curry, along with other prominent figures, have faced legal scrutiny following the collapse of the exchange.
Some of them have been named in class-action lawsuits filed by disgruntled FTX investors.
Before the news of the potential FTX deal emerged, Taylor Swift had remained relatively detached from the cryptocurrency space.
However, she is no stranger to the concept of owning one’s own data, as evidenced by her famous decision to re-record and re-release many of her albums in 2021 following a dispute with one of her previous labels.
This showcases her awareness of the power of retaining control over her music and intellectual property.
Sam Bankman-Fried’s upcoming criminal trial, pertaining to his alleged involvement in fraud at FTX, is scheduled to commence in October.
Meanwhile, the crypto exchange’s bankruptcy case continues to unfold in the United States District Court for the District of Delaware.
The development surrounding the sponsorship deal between FTX and Taylor Swift shines a light on the complexities and controversies surrounding both the crypto industry and celebrity endorsements.
As the legal proceedings progress, further details may emerge, providing a clearer understanding of the events that transpired and the implications for all parties involved.
