Taylor Swift Signed USD 100 Million Deal With FTX Crypto Exchange

Taylor Swift Signed USD 100 Million Deal With FTX Crypto Exchange 

Taylor Swift, the renowned pop icon and recipient of 12 Grammy Awards, reportedly signed a significant agreement with now-defunct crypto exchange, FTX. Contrary to previous reports, new information suggests that Swift's deal with FTX did take place, but it faced an unexpected twist. FTX executives convinced former FTX CEO Sam Bankman-Fried (SBF) to reconsider and abandon the USD 100 million deal with the pop icon.

Grammy Winner Taylor Swift Reportedly Inked Agreement With FTX

According to reports, Taylor Swift, the globally celebrated singer-songwriter with an impressive 12 Grammy Awards under her belt, reportedly finalized a deal with the now-defunct cryptocurrency exchange, FTX. Recent revelations contradict earlier claims, with the Financial Times disclosing that the approximate value of the deal stands at USD 100 million.

The turn of events unfolded after Adam Moskowitz, a prominent attorney leading a USD 5 million class-action lawsuit against 16 celebrity endorsers of FTX, shared on the Block's Scoop podcast in April that Swift sought legal advice upon being approached by former FTX CEO Sam Bankman-Fried (SBF). 

Swift raised concerns, asking, "Can you assure me that these assets are not unregistered securities?" This led to speculation that Swift withdrew from the agreement.

However, the New York Times confirmed on Thursday that Moskowitz had no inside information about the discussions between FTX and Swift. Citing reliable sources familiar with the deal, the renowned news publication revealed that Swift did sign a sponsorship agreement with FTX following over six months of negotiations while turning down some promotions. Additionally, it was revealed that Bankman-Fried unexpectedly backed out at the last minute, leaving Swift's team frustrated and disappointed.

Bankman-Fried Backed Out of Swift's Mega Deal

Independent sources, including CNBC, reported on Thursday that Swift did agree to the deal. The signed agreement was sent to FTX founder Sam Bankman-Fried's email, where it remained unanswered for several weeks.

"Swift did ultimately agree to the deal…The signed agreement was sent to FTX founder Sam Bankman-Fried’s email inbox, where it remained unanswered for a period of a few weeks."

The publication added, that “ultimately, a group of FTX executives persuaded Bankman-Fried not to follow through with the reported USD 100 million deal.”

FTX filed for bankruptcy protection in November of last year. Bankman-Fried is now facing multiple charges related to fraud and campaign finance violations. Three other FTX executives, Gary Wang, Caroline Ellison, and Nishad Singh, have pleaded guilty to various charges. Meanwhile, the new FTX management is determined to relaunch the crypto exchange on an international scale.

Who do you think abandoned the deal, Swift or Bankman-Fried?  Please share your comments below.