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Taylor Swift, a pop icon and 12-time Grammy Award winner, did sign an agreement with bankrupt cryptocurrency exchange FTX, new reports claim. However, FTX executives reportedly convinced former FTX CEO Sam Bankman-Fried (SBF) to reconsider and abandon the $100-million deal with Swift.
Taylor Swift, a famous singer-songwriter who has won 12 Grammy Awards from 46 nominations, reportedly signed a deal with the now-defunct cryptocurrency exchange FTX, contrary to previous reports. The Financial Times reported that the size of the deal was approximately $100 million.
Adam Moskowitz, one of the attorneys spearheading a $5 million class-action lawsuit against 16 celebrity endorsers of FTX, disclosed on the Block’s Scoop podcast in April that Swift sought legal advice when approached by former FTX CEO Sam Bankman-Fried (SBF). According to him, the famous singer inquired: “Can you assure me that these assets are not unregistered securities?” Moskowitz’s comment led to headlines that Swift subsequently decided to withdraw from the deal.
However, the New York Times confirmed Thursday that Moskowitz said he had no inside information about the talks between FTX and Swift. Citing three people with knowledge of the deal, the news outlet detailed that in reality, Swift signed a tour sponsorship agreement with FTX after more than six months of discussions while turning down some promotion options. In addition, the people told the publication that it was Bankman-Fried who pulled the plug at the last minute, leaving Swift’s team frustrated and disappointed.
CNBC described Thursday, independently citing a person familiar with the matter:
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 $100 million deal.”
FTX filed for bankruptcy protection in November last year. Bankman-Fried is currently facing multiple fraud and campaign finance violation charges. Three other FTX executives, namely Gary Wang, Caroline Ellison, and Nishad Singh, have pleaded guilty to various charges. Meanwhile, the new FTX management is seeking to relaunch the crypto exchange internationally.
