FTX smashes Taylor Swift's crypto dream, $100 million partnership falls through

Compile: Blockchain Knight

Taylor Swift’s partnership with the now-defunct Crypto exchange FTX has been in the spotlight after a CNBC report revealed that the pop star was in talks before the exchange’s eventual exit already agreed to the deal.

That contradicts an earlier claim by a class-action attorney who suggested Taylor had already walked out of the contract.

After six months of negotiations, Taylor's team signed a deal with FTX worth $100 million, according to CNBC.

The signed agreement sat in the inbox of FTX founder SBF (Sam Bankman-Fried) for weeks until a group of executives convinced him not to go ahead with the deal.

It is difficult to say whether this news will affect the ongoing legal proceedings against FTX and SBF.

However, Taylor has agreed to a partnership agreement with FTX. Despite previous public statements denying this, this may diminish the credibility of some of the statements made by the exchange and its executives.

The fact that FTX pulled out of the agreement after Taylor agreed to the deal suggests that the company may be facing financial difficulties or other internal problems.

Regulators or others investigating alleged wrongdoing by FTX and SBF may see this as a red flag.

Overall, the information is likely to be of interest to parties involved in the legal proceedings and may consider it as part of the investigation. However, it is too early to tell whether it will have a significant impact on the outcome of the case.

Crypto exchange FTX founder SBF has been indicted by a New York court on multiple counts for stealing billions of dollars from customers**.

On Tuesday, Judge Lewis Kaplan refused to dismiss 10 of the 13 charges brought against SBF, including allegations of campaign fundraising irregularities and committing bank fraud.

Kaplan also denied earlier claims by SBF's legal team that several charges were added after his extradition from the Bahamas and should be dropped.

In December, the U.S. government initially charged SBF with eight counts, including wire fraud and conspiracy to commit money laundering.

Prosecutors added four more criminal charges in February, one of which said SBF conspired to bribe Chinese authorities, and a fifth in late March.

The decision came a day after former Enron executive John Ray issued a report.

John Ray took over as CEO after FTX filed for bankruptcy and opened up about the inner workings of the crypto firm before it collapsed last November.

Additionally, SBF was indicted by federal authorities on a 13th felony count for bribery.

Federal authorities allege that SBF attempted to bribe Chinese officials with $40 million worth of digital assets to unfreeze the accounts of his hedge fund, Alameda Research. The accounts frozen by the Chinese government contained more than $1 billion worth of digital assets, according to prosecutors.

SBF has pleaded not guilty to 8 of the charges, and it is worth noting that if he is found guilty on all counts, he could spend "more than 155 years" in prison.