An advertisement for the crypto-exchange FTX that featured Stephen Curry was published earlier this year. A narrator depicts the NBA star repeatedly as a narrator in a series of advertisements. “crypto expert.” This was denied by the legendary player over and again. finally saying, “I’m not an expert, and I don’t need to be. With FTX I have everything I need to buy, sell, and trade crypto safely.”
“Safely” It is now in doubt. This week FTX declared bankruptcy, its CEO Sam Bankman-Fried resigned, and many investors who trusted the platform are wondering if they’ll ever get their money back.
A host of other athletes from top sports also featured in FTX advertisements, including Tom Brady (NFL star). given equity stake in FTX He became an ambassador for company in a long-term relationship. The company even bought the naming rights for the Miami Heat’s home arena.
But it isn’t just the FTX chaos affecting major sports stars. Elon Musk’s tumultuous takeover of Twitter has also had an impact, with major figures like LeBron James getting trolled by users pretending to be them thanks to a new, easily abused authentication feature. Star athletes aren’t immune to the turmoil and chaos that is shaking the tech industry.
A tweet claiming to be from James, a player for the Los Angeles Lakers Lakers, was announced this week. “I am officially requesting a trade. Thank you #LakersNation for all the support through the years. Onto bigger and better things!”
A blue checkmark beside the name made it look authentic in the Nov. 9 tweet “LeBron James” Follow @KINGJamez on Twitter. His real account is @KingJames
Another fake account made baseball fans believe MLB pitcher Aroldischapman had signed with New York Yankees. In fact, he is still an unsigned free agent.
Twitter Blue, an $8 per month subscription service that Musk introduced, caused confusion. It comes with a blue check, which previously indicated that accounts were genuine. Soon after the launch of Twitter Blue, fake accounts began flooding Twitter. Trolls quickly took the identity of politicians, athletes, and even Eli Lilly.
Twitter Blue appeared to be down on Friday, and Twitter stated that it was investigating impersonation issues.
But it wasn’t the first time the $44 billion takeover of Twitter by Musk, a self-described “free-speech absolutist,” The sports world has been awash with attention. A nearly 500% spike in a racial insult immediately after Musk assumed control was the reason. James tweeted, “I dont know Elon Musk and, tbh, I could care less who owns twitter. But I will say that if this is true, I hope he and his people take this very seriously because this is scary AF. So many damn unfit people saying hate speech is free speech.”
Musk replied to James by on Oct. 30 by sharing a Twitter employee’s tweet that “nearly all of these accounts are inauthentic” The company was working to ban users “involved in this trolling campaign.” Ironically, James was then impersonated by Twitter Blue the week after.
FTX, a heavyweight in sports marketing
FTX was a sports marketing company that spent hundreds of million on advertising before it fell into a sudden and unexpected financial crisis. It also paid $135 million for the naming rights for the Miami Heat arena. The team and Miami-Dade County cut ties with FTX We are looking for a new partner in naming rights on Friday
Former Treasury Secretary Larry Summers cited the stadium deal while comparing FTX’s collapse to the Enron scandal: “Not just financial error but—certainly from the reports—whiffs of fraud. Stadium namings very early in a company’s history. Vast explosion of wealth that nobody quite understands where it comes from.”
FTX became the official cryptocurrency exchange of MLB and signed endorsement deals for Trevor Lawrence, Naomi Osaka and Shohei Ohtani, both tennis stars.
“First, you’ve got to understand crypto,” He said. “There’s speculation—that’s all the noise. Then there’s things that have happened with [crypto lender] Voyager and with FTX now—that’s somebody running a company that’s just dumb as f*** greedy. So, what does Sam Bankman do? He just, give me more, give me more, give me more, so I’m gonna borrow money, loan it to my affiliated company, and hope and pretend to myself that the FTT tokens that are in there on my balance sheet are gonna sustain their value.”
Cuban himself was criticized earlier this year—and faces a lawsuit—for partnering with now-bankrupt crypto lender Voyager Digital, giving Mavericks fans a $100 reward to trade crypto on Voyager if they deposited $100 and traded $10.
Register for the Sunday Review Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.