Taylor Swift is apparently as fluent in finance as she is in songwriting. In the aftermath of the FTX collapse, Swift, who was supposed to be paid $100 million to promote the cryptocurrency exchange, dodged when asking about unregistered securities, according to a lawyer who was suing other celebrity spokespeople.
Swift’s financial prowess was revealed by Adam Moskowitz, one of the lawyers behind a class-action lawsuit filed against celebrity FTX spokespeople like Larry David, Tom Brady, Steph Curry and Shaq. Swift was nearly one such celebrity spokesperson, with FTX offering her $100 million over three years to sponsor the exchange in talks throughout 2021 and 2022. Now, Moskowitz claimed on The Scoop podcast that Swift was the only one of those. celebrities who asked this question.
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“The only person I found (by talking to her lawyers) was Taylor Swift,” Moskowitz said. “On our discovery, Taylor Swift actually asked them, ‘Can you tell me these aren’t unregistered titles?’”
Moskowitz went on to call FTX a “pyramid scheme” and explained that most celebrities and influencers who partnered with FTX were likely motivated by greed. Moskowitz, along with former Weinstein lawyer David Boies, filed a class-action lawsuit in Florida alleging that FTX celebrity endorsers helped sell a “Ponzi scheme” with their actions affecting “thousands, if not millions, of consumers across the country”.
While the FTX slump was sparked by what appears to be good old-fashioned fraud, charging cryptocurrency companies for offering unregistered securities has become commonplace over the past year. Last September, SEC Chairman Gary Gensler said he believes “the vast majority” of cryptocurrency tokens meet the definition of an unregistered security.
Once again, Taylor Swift was ahead of the game and FTX wasn’t ready for that.