The legal case further alleges that the celebrity investors, including Brady and Larry David, would’ve been aware of the red flags if they looked more closely at the cryptocurrency. Wealthy figures are being hunted for compensation as nobody can go after the bankrupt Bankman-Fried.

Lawyers reject the allegations

Legal teams for Brady, Stephen Curry and Shaquille O’Neal have dismissed the claims of involvement. They argue that as they only served in commercials, they did not explicitly tell anyone to invest in the FTX and thus are not culpable.

Further arguments also include that the celebrities themselves are victims and lost money in the scam by the 31-year-old from Stanford, California.

How much trouble is Bankman-Fried in?

In late 2022, the FTX collapsed and the entrepreneur agreed a bail out that saw his net worth slashed from $15bn to $1bn in one day. It would get worse, however, as he was arrested on December 12, 2022 in the Bahamas for various types of fraud including money laundering.

He appeared in court on November 2, 2023 and was convicted of seven counts of fraud and conspiracy, with his sentencing set for March 28. 2024. A second trial is also booked for March 2024.

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“Sam Bankman-Fried thought that he was above the law. Today’s verdict proves he was wrong,” Attorney General Merrick Garland said. “This case should send a clear message to anyone who tries to hide their crimes behind a shiny new thing they claim no one else is smart enough to understand: the Justice Department will hold you accountable.”

With the charges involved, and subsequently being found guilty of all counts, the 31-year-old could be sent to prison for 115 years to serve for his crimes meaning that he would likely die behind bars.