FTX Spent Over $1 Billion on Celebrity Deals and Naming Rights to Boost Profile, Exec Testifies

Sam Bankman-Fried spent over $1 billion on celebrity endorsements like Tom Brady and arena naming rights for FTX.

FTX's former head of engineering, Nishad Singh, testified Bankman-Fried wanted to increase FTX's influence through deals with stars.

Singh said Bankman-Fried invested $200 million in venture capital firm K5 Global for access to influential people.

The spending included $68 million for Brady and wife Giselle Bundchen and $30 million for Steph Curry.

Singh testified the celebrity deals made him uncomfortable but Bankman-Fried pursued them to raise FTX's profile.