Nov 14, 2022
The Collapse of FTX and How it Affects Shohei Ohtani
Ohtani was a stakeholder in FTX.
No one is spared from massive losses when the third-largest crypto exchange collapses.
In the aftermath of FTX declaring bankruptcy and being under investigation for all sorts of unethical (and perhaps illegal) behavior, the stakeholders in FTX regret their decision to invest in the once-great crypto exchange.
The list of stakeholders includes MLB star Shohei Ohtani.
How Shohei Ohtani was involved with FTX
Ohtani took his complete stake as an ambassador in stock, company equity and cryptocurrency. — The Province
In addition to buying stakes in the company, Ohtani was compensated by FTX to “elevate awareness around the world” for the FTX brand. While we don’t know how much Ohtani was paid to promote FTX — whatever he was paid is practically worthless now.
FTX also had deals with Tom Brady and Stephen Curry and arranged a deal with Major League Baseball.
How Does the Collapse of FTX Affect Ohtani?
Considering Shohei Ohtani signed a one-year contract with the Los Angeles Angels for $30 million, he likely won’t face many financial difficulties from the collapse of FTX.
However, I would expect Ohtani and other athletes to be much more cautious when asked to represent anyone or anything associated with cryptocurrency in the future.
Facing off-field distractions like FTX is not something most athletes are interested in dealing with.
Thanks to FTX, it just got a lot harder for crypto exchanges to attract spokespeople like Shohei Ohtani.
How will that affect the crypto industry in the long term? Only time will tell — but I wouldn’t look for Ohtani to jump back into the crypto swimming pool anytime soon.
Are you a fan of Shohei Ohtani? Subscribe to The Shohei Ohtani Report to follow his career.
