Major cryptocurrency exchange FTX had prepaid substantial amounts for endorsements and partnerships before its collapse in November 2022, according to a recent court document. The popular music festival Coachella reportedly received $1.98 million in prepayments from FTX. The exchange’s collapse has left many investors and partners in its wake as they struggle to recover their losses. The news highlights the potential risks associated with investing in cryptocurrency and the importance of careful due diligence before making any financial decisions.