The sports and entertainment world is reeling after ESPN’s Stephen A. Smith dropped a bombshell revelation on his show First Take on April 6, 2025, alleging that boxing legend Floyd Mayweather Jr. has filed for bankruptcy following a staggering $402 million scam. Mayweather, once dubbed “money” for his lavish lifestyle and record-breaking earnings, now faces financial ruin, according to Smith, who cited inside sources close to the 48-year-old former champion. The shocking exposé has sent shockwaves through the boxing community, raising questions about Mayweather’s financial decisions, the nature of the alleged scam, and whether one of the sport’s greatest icons can recover from this devastating blow.

From riches to ruin: Mayweather’s fall from grace

Floyd Mayweather Jr., a five-division world champion with an undefeated 50-0 record, has been synonymous with wealth and success. Over the course of his illustrious career, Mayweather earned more than $1.1 billion, making him one of the highest-paid athletes in history. His 2015 fight against Manny Pacquiao generated a record-breaking $410 million, while his 2017 crossover bout with Conor McGregor earned him $275 million. Mayweather’s penchant for flaunting his wealth—whether through his fleet of luxury cars, private planes, or piles of cash on social media—earned him the nickname “Money” and cemented his image as a larger-than-life figure.

However, Smith’s Stephen A. Exposé paints a distinctly different picture. On the April 6 episode of First Take , Smith revealed that Mayweather has been “penniless” after falling victim to a $402 million scam for a group of fraudulent investors. “I have it on good authority that Floyd Mayweather is broke,” Smith declared, his voice thick with intensity. “This man, who made over a billion dollars in his career, got caught in a $402 million scam that wiped him out. He’s filing for bankruptcy and is in a world of trouble right now.”

According to Smith, the scam involved a cryptocurrency scheme that promised Mayweather astronomical returns on his investment. The former champion reportedly poured $402 million into the company, which turned out to be a Ponzi scheme run by a shadowy group of international con artists. Sources close to the situation, speaking anonymously to TMZ Sports on April 7, 2025, confirmed that Mayweather was lured by promises of “generational wealth” but was left with nothing after the scheme collapsed in late 2024. The U.S. Securities and Exchange Commission (SEC) is now investigating the scam, and several arrests have reportedly been made in connection with the case.

History of financial problems

While Mayweather’s financial downfall may come as a shock to many, it’s not the first time the boxing icon has faced money issues. In 2017, Mayweather was hit with a $22 million tax bill from the IRS, prompting him to come out of retirement for the McGregor fight to resolve the debt. A 2023 report by Forbes revealed that Mayweather had been involved in several failed ventures, including a Las Vegas strip club that closed after just 18 months. Mayweather’s lavish spending habits, such as his $18 million purchase of “The One” Watch in 2018 and his $10 million diamond-encrusted car collection, have also been well documented, leading some to question his financial acumen.

Boxing analyst Dan Rafael, in a post on X on April 7, 2025, noted that Mayweather’s financial troubles may have been exacerbated by his lack of a formal financial team. “Floyd has always prided himself on being his own boss, but that’s a double-edged sword,” Rafael wrote. “Without proper advisors, it’s easy to fall into traps like this scam.” Mayweather’s history of legal issues, including a 2011 domestic violence conviction and multiple lawsuits over unpaid debts, has also strained his finances over the years, making him a prime target for opportunistic scammers.

The boxing world reacts

Stephen A. Smith’s expose has sparked a storm of reaction across the sporting world, with fans, fighters, and experts alike weighing in on Mayweather’s dramatic downfall. On social media platforms such as X, the hashtag #MayweatherBankrupt was trending worldwide within hours of Smith’s broadcast, with fans expressing a mix of shock, sympathy, and skepticism. “Floyd Mayweather broke? That’s crazy, he was the king of cash!” wrote one user. Another commented: “This is what happens when you flash your cash all the time. Scammers see you a mile away.”

Prominent figures in boxing have also weighed in. Former heavyweight champion Deontay Wilder, speaking to ESPN Boxing on April 7, 2025, expressed his sympathy for Mayweather, saying, “It’s sad to see a legend like Floyd go through this. He gave so much to the sport, but money can be a curse if you don’t handle it right.” Meanwhile, Conor McGregor, who has a long-standing rivalry with Mayweather, took a more combative stance, posting on Instagram, “I made him $275 million in one night and he still went bust? He should have stayed in the ring with me, champ!”

Mayweather’s promoter, Leonard Ellerbe, issued a brief statement to The Ring magazine, denying the bankruptcy claims. “Floyd Mayweather is not bankrupt, and these rumors are baseless,” Ellerbe said. “He is a smart businessman who has been through ups and downs, but he is still standing.” However, Ellerbe’s statement did little to quell the speculation, as fans pointed to Mayweather’s recent absence from the public eye—he hasn’t posted on social media since March 15, 2025—as evidence that something may be amiss.

A critical aspect: is the exhibition legitimate?

While Stephen A. Smith’s revelation has captured headlines, it’s worth examining the credibility of his claims and the motivations behind them. Smith, a polarizing figure known for his rhyming style, has a history of breaking major stories, but has also been criticized for sensationalism. In 2023, Smith faced backlash for claiming that NBA star Zion Williamson was “faking injuries” to avoid playing, a claim that was later debunked. Some in the boxing community have questioned whether Smith’s exposé is based on solid evidence or simply designed to generate buzz for First Take , which has seen a drop in ratings in recent months.

The $402 million figure cited by Smith also raises eyebrows. While Mayweather has a history of risky investments, such as his involvement in the Centra Tech ICO scam in 2018, which led to a $300,000 fine from the SEC, the scale of this alleged scam is unprecedented. Without official confirmation from Mayweather or legal documents verifying the bankruptcy filing, it’s possible that Smith’s report is exaggerated or premature. A source close to Mayweather, speaking anonymously to The Athletic on April 7, 2025, claimed that while Mayweather lost a significant amount of money in a crypto scam, the figure is closer to $150 million and is “far from bankrupt.”

What’s next for Mayweather?

If Stephen A. Smith’s exposé is accurate, Floyd Mayweather’s bankruptcy would mark one of the most dramatic falls from grace in sports history. The former champion, who once boasted a net worth of more than $1 billion, could be forced to sell his assets—including his Las Vegas mansion, his car collection, and private planes—to settle debts. Mayweather’s planned exhibition fights, including a rumored bout against YouTuber Logan Paul in Dubai later in 2025, may now take on added significance as a means of financial recovery.

However, Mayweather has a history of defying the odds, both in and out of the ring. In 2015, he rebounded from tax troubles to secure the biggest payday of his career against Pacquiao, and his business ventures, such as Mayweather Promotions, have continued to thrive despite setbacks. If anyone can orchestrate a comeback from financial ruin, it’s the man who turned a modest upbringing in Grand Rapids, Michigan, into a global empire.

For now, the boxing world is waiting for Mayweather to break his silence and address the allegations head-on. It remains to be seen whether this $402 million scam disaster marks the end of an era or the beginning of a new chapter for Mayweather’s “money.” One thing is certain: Stephen A. Smith’s exposé has ensured that all eyes are on Floyd Mayweather, and the fallout from this financial catastrophe is far from over.