Contrary to previous reports, it has been revealed that the sponsorship deal between defunct cryptocurrency exchange FTX and Taylor Swift was called off at the request of former CEO Sam Bankman-Fried (SBF), not the singer-songwriter herself. The New York Times, citing three sources familiar with the matter, reported that Bankman-Fried was responsible for ending the approximately $100 million agreement with Swift before FTX filed for bankruptcy. Swift’s team had allegedly signed the agreement after months of negotiations, only to be frustrated and disappointed when SBF decided to pull the plug.
This information contradicts the narrative presented by several media outlets that Swift’s team had thoroughly considered the FTX deal before withdrawing. The collapse of FTX has led to legal scrutiny involving high-profile figures like football star Tom Brady and NBA point guard Stephen Curry, with some facing class-action lawsuits filed by disgruntled FTX investors.
Prior to the potential FTX deal, Swift had limited involvement in the cryptocurrency space. However, she is known for valuing ownership of her own data, as evidenced by her decision to re-record and re-release her albums following a dispute with her previous label.