Nov 18, 2022 - Sports

Cade Cunningham caught in crypto collapse

Joe Guillen

Cade Cunningham dribbles the ball — Cade Cunningham with the ball against the Cavs. Photo: Brian Sevald/NBAE via Getty Images

The astonishing collapse of the cryptocurrency exchange FTX is casting new light on an endorsement deal Pistons star Cade Cunningham signed last year, Crain's reports.

What happened: Cunningham received bitcoin as part of a deal with the crypto exchange BlockFi, which is tied to FTX and "preparing for a potential bankruptcy filing."

Many other star athletes and celebrities also promoted crypto.

Flashback: "For me, it's not just about setting up myself for financial success long-term but also to educate future generations on financial wellness," Cunningham said in a news release announcing the endorsement.

Between the lines: Cunningham's bitcoin bonus was "insignificant" and separate from the overall cash payment he received from BlockFi, a source familiar with the deal told Crain's.

The bottom line: As always, beware of taking financial advice from celebrities.

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Cade Cunningham caught in crypto collapse

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