Just a little over a year back, rising NBA talent Cade Cunningham inked a partnership deal with BlockFi. However, as of mid-November 2022, Cunningham’s financial future is on shaky ground.
Cunningham joined forces with BlockFi shortly after being selected as the top pick in last year’s draft. In recent news, as reported by The Wall Street Journal, BlockFi is now facing the threat of layoffs and bankruptcy.
“Crypto lending firm BlockFi Inc. is gearing up for a possible bankruptcy filing after halting customer deposit withdrawals and admitting to having a ‘significant exposure’ to the troubled exchange FTX, sources familiar with the situation revealed.”
Cunningham isn’t the lone athlete at risk of facing substantial financial losses amidst the downfall of a cryptocurrency platform. The demise of FTX has put not just Cunningham but also Tampa Bay Buccaneers quarterback Tom Brady and former spouse Gisele Bündchen in a vulnerable financial position.
The Detroit Pistons chose the Oklahoma State alumnus as their top pick in what’s shaping up to be one of the standout drafts in recent NBA memory. Notably, the subsequent selections of Jalen Green (Houston Rockets), Evan Mobley (Cleveland Cavaliers), and Scottie Barnes (Toronto Raptors) have all blossomed into promising young talents for their respective teams.
As per Spotrac, Cunningham’s contract with the Pistons amounts to nearly $45.6 million spread over four years. His base pay for the 2022-23 season hovers around $10.552 million and is set to increase to just over $11.055 million for the following season.
When factoring in Cunningham’s endorsement agreements with NIke and UPTIME, it seems likely that he will weather the financial storm. With his rapid rise as one of the rising stars in the NBA, it’s just a matter of time before the Pistons consider extending his contract.
In his debut season, Cunningham posted averages of 17.4 points, 5.5 rebounds, and 5.6 assists per game. Fast forward to the first 12 games of his sophomore season, and he has upped the ante with averages of 19.9 points, 6.2 rebounds, and six assists per game.
Despite a slow start with a 3-15 record, the Pistons aim to reverse their fortunes as they face off against the Los Angeles Clippers on Thursday night.
