Klay Thompson Burned $20 Million of His $37 Million Salary in the ‘Crypto Bubble’, Joining Shaquille O’Neal in the FTX Debacle

Cryptocurrencies and Bitcoins in explicit have been the speak of the city for fairly a while. Since the Web3 craze hit the mainstream, numerous funding alternatives have offered themselves and investments scaling billions have been made in them.

Various NBA stars additionally depend themselves amongst patrons of Bitcoin and Crypto investments. Golden State Warriors stars Klay Thompson and Andre Iguodala are two athletes who’ve been at the forefront of such investments.

Also learn: “Anthony Davis for Klay Thompson and Draymond Green”: Stephen A. Smith Proposes Wild Lakers-Warriors Trade

Earlier in 2022, each Klay and Andre had made it public that they have been going to obtain half of their salaries in Bitcoin. While the share wasn’t revealed, it was nonetheless an enormous resolution by each stars – particularly contemplating the volatility related to Bitcoins.

I’m excited to announce I’m participating of my wage in BITCOIN w. Cash App! Bitcoin is the future, @klaythompson and I’m each believers. To make bitcoin extra accessible, we’re giving out $1M in bitcoin again to followers at this time. Drop your $cashtag w. #PaidInBitcoin & comply with @CashApp

However, with an implosion surrounding Crypto large FTX, the valuation of cryptocurrencies has dipped at an alarming fee. And it might seem Thompson and Andre additionally stand to lose $20 million as per CryptoCoinApps in the again of the current crash.

How unhealthy is the Crypto funding in search of Klay Thompson and Andre Iguodala?

At the time of their announcement of participating in their funds in cryptocurrencies, Andre and Klay would have been feeling fairly good about their funding. Bitcoin was valued someplace between $35,000 and $43,000 at the time.

Today? The cryptocurrency has seen its worth fall to round $16,500, with an extra dip anticipated. That quantities to a dip in worth higher than 50% from their preliminary funding. That’s fairly one thing and might quantity to very large sums relying on what share of salaries the duo invested in Bitcoins.

Klay Thompson was assured a sum of $37,980,720 for 2021-22. Andre Iguodala on the different hand earned round $2,641,691. Regardless of the share accepted by each stars, appreciable losses are assured to be accrued by the duo.

It positively should come as a reduction to the duo that they’ve at the very least a championship to point out for his or her efforts from 2021-22. That has received to cut back the sting of dropping a substantial chunk of hard-earned cash to a foul funding.

Will the duo proceed to carry on to their funding, or would they be planning to promote and begin afresh? Them and them alone can enlighten us on the matter.

Have different NBA stars additionally misplaced cash with the FTX collapse sparking a fall in cryptocurrency valuations throughout the board?

It would seem that Klay and Andre aren’t the solely NBA stars who stand to lose huge sums in consequence of the FTX collapse. Fellow “Splash Brother” Stephen Curry seems to be set to lose out on a fortune too.

This comes on the again of Steph’s resolution to develop into an investor and holder of fairness at FTX. The baby-faced murderer is about to take up a substantial loss from this funding of his, with FTX plummeting majorly and shutting in on insolvency.

Shaquille O’Neal was additionally a promoter of FTX. The huge man is extensively famend for his good investments, however he may have to put in writing this one off as a foul resolution.

NBA stars aren’t the solely ones affected as the Miami Heat franchise seems to have taken fairly the hit too. The Heat had even offered the naming rights to their stadium to FTX and that long-term partnership appears to have met a untimely finish too.

One can solely think about that the slew of NBA investments in the crypto sphere will see a decline. With numerous high-profile gamers attracting losses, the wariness surrounding crypto investments shall be at an all-time excessive in the NBA.

Also learn: “I’m All-in!”: Amidst FTX’s 76% Plunge, $400 Million Worth Shaquille O’Neal’s ‘Bet’ on the Crypto Exchange

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