Articles make it seem like A+ list athletes lost millions of dollars of their own money in a recent crypto crash.

If they are like the foreign born A list tennis player, they had nominal $1000 investments, just to say they were investors and then got paid to promote it.

They made a killing through the endorsements of the product that saw you lose everything.

Naomi Osaka

‘How Will She Feed Her Family Now’- $60 Million Worth Naomi Osaka’s Latest Crypto Setback Leaves Fans Worried About Her Tennis Career

Naomi Osaka, the four times Grand Slam champion, has had a rough season. She, after suffering from mental health issues last year, gave an array of subpar performances. Osaka failed to live up to her fans and her own expectations. However, her misery doesn’t end there. Recently, her crypto investment took a hit, and is about to go bankrupt.

The Japanese tennis ace has been a role model to many aspiring young women. She has taken many brave steps over the years. Though her getting involved with the crypto exchange company, FTX panned out differently. Here’s how fans perceived the same.

Osaka, with a will of representing women and developing a safe environment for their participation in the field, joined FTX as a shareholder. She took the position of thier brand ambassador as well. However, as the company wasn’t able to perform well, fans flooded social media with comments about her off-court failure.

Some took a direct hit at the 24-year-old and sarcastic wrote, “Naomi Osaka: snake oil salesman. I guess these are the bad choices you make when you leave your management and set up your own management company…”

FTX’s 0-dollar markdown brought it to inevitable bankruptcy. The company currently needs 4 billion dollars to remain solvent, which seems far from possible at the moment. Speaking of its shareholders other than Osaka, NFL legend Tom Brady, and NBA start Stephen Curry have also made an investment in the organization and will lose money. – Source

FTX’s collapse cost a who’s who of pro athletes and sports brands millions

The Crypto craze has infiltrated the sports realm for years, however, no crypto firm has been more ubiquitous of late than FTX. Franchises, athletes, and venture capitalists who advise these figures all rose for the bullish crypto market. FTX sniveled its way into mainstream culture through brand sponsorships with athletes, Super Bowl commercials, and naming rights deals. They knew their audience. Young, impressionable, and vulnerable to speculative digital currencies with brand name recognition. Sports gave them inroads into a larger swath of the demographic crypto they targeted.

And everyone who bet on FTX or deposited funds likely lost big while allegedly FTX misusing customer funds. On Tuesday, FTX announced its non-U.S. business would be acquired by rival Binance due to concerns over its volume of liquidity. However, that deal was scuttled the next day after Binance’s review of FTX’s finances. The bottom fell out on the cryptocurrency exchange when FTX filed for Chapter 11 bankruptcy on Thursday. Reportedly, $1 billion in customer funds has vanished, leaving the world’s fifth-largest leading crypto exchange with a legacy as the Enron or Theranos of the digital currency realm.

Despite the fickle nature of crypto, FTX secured investments from some of the most prominent athletes and leagues in professional sports during its ascent. Their shocking bankruptcy call was akin to Josh Allen fumbling away a game that had a 99 percent win probability. – Source

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