Sam Bankman-Fried backed out of FTX sponsorship deal with Taylor Swift: Report
Contrary to previous reports, it was former CEO Sam Bankman-Fried (SBF), not Taylor Swift, who called off the sponsorship deal between defunct cryptocurrency exchange FTX and the singer-songwriter. According to The New York Times, Bankman-Fried was responsible for canceling the approximately $100 million agreement with Swift before FTX filed for bankruptcy. Swift's team had already signed the agreement after lengthy negotiations but was disappointed when SBF terminated the deal.
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This information contradicts the narrative presented by several media outlets that Swift's team had thoroughly evaluated the FTX deal before withdrawing. Celebrities like Tom Brady and Stephen Curry, who were associated with FTX, have faced legal scrutiny due to the exchange's collapse, and some have been named in class-action lawsuits by disgruntled investors.
Before the potential FTX deal, Swift had limited involvement in the crypto space. However, she understands the importance of owning one's own data, as demonstrated by her decision to re-record and re-release her albums in 2021 following a dispute with her previous record label.
Bankman-Fried is scheduled to face his first criminal trial in October for his alleged involvement in fraud at FTX. The bankruptcy case of the crypto exchange is also ongoing in the United States District Court for the District of Delaware.
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