Sam Bankman-Fried might be out of the woods but as the dust settles, we can see that a lot of people including some of our favourite NBA stars are drastically affected by it. Andre Iguodala, one of Stephen Curry’s teammates also lost a huge portion of his salary due to the fiasco.
The latest one is Andre Iguodala. The veteran, who is playing in the last NBA season of his storied career decided that he would take half of his salary in the form of Bitcoin. At the time, Bitcoin was trading above $34,000.
A wise investment it would seem. Given that everyone wanted the cryptocurrency market to boom. But given the continuous hike in Federal reserve rates, inflation, and the looming fear of recession, it has all come crashing down.
At the time of writing, Bitcoin is trading below $16,000. A 50% markdown from the time Andre was said to have been brought in. So how much did he lose?
Warriors stars suffer the most, Stephen Curry’s teammates are losing millions due to FTX
After Klay Thompson, losing out reportedly half his salary to Bitcoin’s crash, it is Andre Iguodala’s turn next. Klay is estimated to have lost out on over $20 million!
It was after he decided to take his salary in the form of crypto. And so did Iggy, the 2015 NBA Finals MVP.
As for Iguodala, the details are much clearer and we actually do know that he received $2,647,000 in Bitcoin. Since the fateful crash, the price of BTC has fallen by half and it looks as though Andre has lost well over $1.3 million. Is he still holding and was all of this a push from his teammate Stephen Curry?
Why this serves as a lesson to not buy into euphoria
Stephen Curry was among the champions of the cryptocurrency exchange FTX. He was actively a part of several marketing campaigns, including his advert with Shaquille O’Neal.
The crypto exchange company was valued at $32 billion this January in a $400M funding round.
— Boardroom (@boardroom) March 29, 2022
All of these athletes have lost tons in the market. As the dust settles, we are seeing more and more stories of these losses emerge. These stories serve as a reminder of how not to invest when the market feels euphoric.