Darren McFadden retired earlier this year after being released by the Dallas Cowboys, and hopefully he will enjoy a comfortable retirement after being an NFL running back for the last decade. Especially if he saved any of that six-year, $60 million deal he signed with the Raiders back in 2008.
McFadden could have been a whole lot richer in his retirement, though.
According to this old ESPN report about a lawsuit between McFadden and his former business advisers and money handlers, McFadden set aside $3 million to be invested in bitcoin, the popular unregulated cryptocurrency that has blown up in a big way. Instead his former advisers “covertly used Plaintiff’s income as his personal slush fund to subsidize his own lifestyle and expenses and to invest in his own projects,” according to lawsuit documentation. So we’re assuming the money never ended up being converted into bitcoin.
That’s a shame, because you could buy a single bitcoin for about $800 when the lawsuit was filed in 2016. Today, the currency is worth almost $19,000 per bitcoin, meaning that McFadden’s original $3 million investment should have been worth $237 million today — if his advisers had bothered to actually invest it in the first place, that is.
The lawsuit against McFadden’s former business manager (and 10 other members of the financial firm involved) is ongoing, and only asks for $15 million in damages. It’s another cautionary tale about an athlete being conned out of his money by shady scam artists, so hopefully McFadden gets something out of the lawsuit (assuming the allegations are true).
Even if he does get some of that cash back, though, it won’t be anywhere near the almost-$250 million of bitcoin he could have been sitting on.