Taylor Swift and Crypto: Sam Bankman-Fried Quit FTX Deal

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A partnership worth up to $100 million has been proposed between global pop star Taylor Swift and FTX, the now bankrupt cryptocurrency exchange, only to be shelved by FTX founder Sam Bankman- Fried, according to sources cited by the New York Times.

The potential deal, which included the possibility of sponsoring Swift’s tour, had been in negotiation for more than six months before Bankman-Fried decided to walk away. The abrupt termination of the deal left Swift’s team both disappointed and frustrated, according to two people with knowledge of the matter.

Contrary to previous reports, Swift did not reject the deal herself. It had previously been suggested that she was conducting her own due diligence on the cryptocurrency company, asking for proof that her cryptocurrencies were not unregistered securities. When news of this comment broke, many people praised Swift for her business skills.

The Financial Times reported in 2022 that “’Taylor would not and has not agreed to an endorsement deal. The discussion was about possible tour sponsorship which did not happen,” the person said.

In fact, a legal representative who is currently suing celebrities for endorsing FTX previously applauded Swift’s diligence during The Block’s The Scoop podcast, alluding to her alleged rejection of the FTX deal. These accounts have been widely accepted, positioning Swift as cautious and cautious in her business dealings.

However, the account was not entirely accurate. The pop star didn’t turn down the sponsorship herself, but was instead left behind by Bankman-Fried’s unexpected retraction. The New York Times cited three sources stating:

“In reality, Ms. Swift’s team signed the sponsorship deal with FTX after more than six months of discussions […] and it was Mr. Bankman-Fried who withdrew.

FTX’s withdrawal from the deal was independently reported by CNBC, citing a source familiar with the matter:

Please go back and delete all your tweets about how “Taylor Swift is better at due diligence than the tech brothers”

— Joe Weisenthal (@TheStalwart) July 6, 2023

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