Naomi Osaka joined FTX at a $32 billion valuation, Eight months later it collapsed and she was named in an $11 billion lawsuit

Naomi Osaka joined FTX as a global ambassador in March 2022, receiving equity and crypto in a deal that valued the exchange at about $32 billion.

Eight months later FTX filed for bankruptcy, and she was named in an $11 billion class action alongside Tom Brady, Stephen Curry and other celebrities. In May 2025, a judge dismissed 12 of the 14 claims against the celebrity defendants.

Naomi Osaka’s Crypto deal targeted women in cryptocurrency

The Crypto deal was presented as more than a conventional celebrity endorsement. Osaka was expected to help create promotional content, promote the exchange internationally and support its efforts to make cryptocurrency more accessible.

A central part of the partnership was Osaka’s interest in increasing female participation in the cryptocurrency industry. At the time, women represented a significantly smaller share of crypto users and participants than men.

“We have seen the statistics about how few women are part of crypto by comparison, which kind of mirrors the inequality we see in other financial markets,” Osaka said in FTX’s March 21, 2022 partnership announcement.

The Crypto deal also reflected Osaka’s broader interest in accessibility within financial technology. She said cryptocurrency had originally been developed around the idea of reducing barriers to participation.

“Cryptocurrencies started with the goal of being accessible to everyone and breaking down barriers to entry,” Osaka said in the same announcement.

Her involvement extended beyond having her name attached to the company. Osaka helped direct and produce promotional material and wore FTX branding during competition, beginning with the 2022 Miami Open.

The partnership also allowed Osaka to invest and trade cryptocurrencies of her choice. Her agreement came as FTX was expanding aggressively through sports and entertainment partnerships, including naming rights to the Miami Heat’s arena and promotional relationships with prominent athletes and celebrities.

FTX’s collapse changed the meaning of the Crypto deal

When the Crypto deal was announced, FTX was reportedly carrying a valuation of approximately $32 billion. Osaka joined a marketing campaign that included Tom Brady, Gisele Bündchen, Stephen Curry and Larry David, among other recognizable figures.

The scale of the partnership reflected the cryptocurrency exchange’s growing influence at the time. Osaka was already among the highest-earning athletes in the world, with Sportico estimating her 2022 earnings at $53.2 million. About $52 million of that figure reportedly came from endorsements, according to Tennis.com.

The trajectory changed dramatically later that year.

On November 11, 2022, FTX filed for Chapter 11 bankruptcy. Four days later, investors filed a class-action lawsuit in Florida seeking $11 billion in damages. The complaint named Osaka alongside Brady, Bündchen, Curry, Shaquille O’Neal, Larry David, Shohei Ohtani, Trevor Lawrence, David Ortiz, Kevin O’Leary and other celebrities.

The Crypto deal became relevant to the lawsuit because investors alleged that celebrity promotions helped attract customers to the exchange. The complaint specifically referenced Osaka’s promotional activities and her equity stake in FTX.

The lawsuit also cited Osaka’s own promotional message for the company: “I’m Naomi Osaka and I’m proud to partner with FTX. Making cryptocurrency accessible is a goal that FTX and I are striving towards.”

However, the allegations against the celebrity promoters did not establish that Osaka knew about alleged fraud within FTX.

Investors challenged celebrity promotions after FTX bankruptcy

The Crypto deal placed Osaka among a wider group of sports and entertainment personalities whose promotional relationships with FTX came under legal scrutiny following the company’s collapse.

The investors argued that celebrity endorsements had helped attract users to the platform. Their complaint sought substantial damages and included claims against multiple public figures associated with FTX’s marketing campaign.

The legal proceedings subsequently altered the scope of those claims.

On May 7, 2025, U.S. District Judge K. Michael Moore dismissed 12 of the 14 claims against the celebrity defendants. The court found that the investors had not demonstrated that the celebrities knew FTX was fraudulent or that receiving promotional compensation, by itself, established a conspiracy.

Some claims brought under Florida and Oklahoma law remained.

The development was significant for Osaka because being named in the original $11 billion lawsuit did not mean she was ordered to pay that amount. The Crypto deal itself was not the equivalent of an $11 billion liability for the tennis player.

Instead, the lawsuit illustrated how celebrity partnerships with major cryptocurrency companies became entangled in the legal consequences of FTX’s collapse.

What happened to Osaka’s Crypto deal after FTX collapsed?

The timeline surrounding the Crypto deal underscores how quickly circumstances changed for FTX and its celebrity partners.

On March 21, 2022, Osaka joined the exchange as a global ambassador and received an equity stake in a company reportedly valued at about $32 billion. Her partnership focused partly on expanding cryptocurrency’s appeal to women and making digital assets more accessible.

On November 11, 2022, FTX filed for bankruptcy.

Four days later, investors filed their $11 billion class-action lawsuit and included Osaka among numerous celebrities associated with the exchange’s promotional campaign.

By May 7, 2025, most of the claims against the celebrity defendants had been dismissed. The court rejected 12 of 14 claims, while some state-law claims remained.

The Crypto deal therefore evolved from a high-profile business partnership into a legal issue following one of the cryptocurrency industry’s most prominent corporate collapses.

For Osaka, the original partnership had been framed around accessibility and bringing more women into crypto. After FTX’s bankruptcy, however, her association with the company became part of a broader dispute over the role celebrity endorsements played in attracting users to the platform.

The Crypto deal ultimately illustrates the risks that can emerge when high-profile sponsorships become connected to the fortunes of rapidly expanding financial and cryptocurrency businesses.