Nov 14- FTX, its affiliated crypto trading fund Alameda Research and about 130 other companies entered voluntary bankruptcy proceedings last Friday. As the brand ambassador of FTX, the NBA superstar Steven Curry has taken a hit because of the FTX collapse.
Curry is currently working for the Golden State Warriors of the NBA. This NBA legend reached a partnership with FTX in September 2021 and became a global ambassador for the company. The epic collapse of FTX even entangled his non-profit organization “Eat. Learn. Play”. Earlier this year, Curry starred in a commercial ad for FTX in which he proudly claimed that he didn't need to be an expert to trade and sell cryptocurrencies on the FTX platform. Curry also appeared as a brand ambassador on FTX's website the day before the firm filed for bankruptcy.
FTX is very focused on marketing in the sports world and many sports stars have partnerships with FTX. In addition to Curry, famous tennis star Naomi Osaka was given an equity stake. Another NBA legend Shaquille O'Neal has cooperation with this crypto exchange as well.
Bankman-Fried stepped down from his CEO position as FTX filed for Chapter 11 bankruptcy, after scrambling to shore up an $8 billion liquidity crisis that has left investors unable to claim their funds. Those celebrities in the sports world are also victims of this event. They suffer both reputational and financial loss because of the FTX collapse.
WikiFX wants to remind investors that no matter whether crypto exchanges and forex brokers set up branches around the world, look for celebrity endorsements, or organize charity activities, these are all marketing strategies, and investors should not invest in them without deep analysis.