Just over a year ago, Detroit Pistons star Cade Cunningham signed a deal with BlockFi. Now in mid-November 2022, Cunningham stands to lose aplenty.
Cunningham reached an agreement with BlockFi just weeks after going first overall in last year’s draft: On Tuesday, The Wall Street Journal reported that BlockFi is now facing potential layoffs and bankruptcy.
“Cryptocurrency lender BlockFi Inc. is preparing a potential bankruptcy filing after halting withdrawals of customer deposits and acknowledging it has “significant exposure” to bankrupt exchange FTX, people familiar with the matter said.”
Cunningham isn’t the only well-known athlete who stands to lose significantly from the fall of a cryptocurrency exchange. FTX has also fallen apart, and as noted here, Tampa Bay Buccaneers quarterback Tom Brady and ex-wife Gisele Bündchen are at risk of losing significant money as well.
The Pistons drafted the Oklahoma State product with the top selection in what already looks like one of the best drafts in recent NBA memory. The next three selections in Jalen Green (Houston Rockets), Evan Mobley (Cleveland Cavaliers) and Scottie Barnes (Toronto Raptors) have all grown into young stars on their respective teams.
According to Spotrac, Cunningham’s deal with the Pistons is just under $45.6 million over four years. His base salary for the 2022-23 campaign is roughly $10.552 million, and it will jump to just over $11.055 million for 2023-24.
Throw in Cunningham’s endorsement deals with NIke and UPTIME, and it’s safe to say that he’ll be just fine financially. And given how quickly he has grown into one of the NBA’s top young stars, it’s only a matter of time until the Pistons hand him a lucrative extension.
As a rookie, Cunningham averaged 17.4 points, 5.5 rebounds and 5.6 assists per game. Through the first 12 games of his sophomore season, Cunningham has averaged 19.9 points, 6.2 rebounds and six assists per game.
The Pistons are struggling early with a 3-15 record. They’ll try to get back in the win column when they visit the Los Angeles Clippers on Thursday evening.
