L'accordo tra FTX e la contea di Miami-Dade termina quando SBF nega le accuse

• Miami-Dade County will now begin to strip FTX’s advertising brand from the Miami Heat’s arena, post approval from the bankruptcy judge.
• Judge John T. Dorsey stated that the rights deal “shall be [terminated] effective immediately upon entry of this order.”
• Miami-Dade County secured a $135 million deal with the cryptocurrency exchange in 2021 to name the arena “FTX Arena” until 2040.
• Il marchio FTX è diffuso in tutto l'arena, anche sul tetto, sul campo da basket, sulle polo indossate dal personale di sicurezza, ecc.

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Amid the prolonged crypto winter, once-leading crypto exchange platform FTX, which filed for bankruptcy in November 2022, has acted as a catalyst to intensify the ongoing chaos in the industry. After getting approval from a United States bankruptcy judge in Delaware on January 11, Miami-Dade County will now begin to strip FTX’s advertising brand from the Miami Heat’s arena.

Secondo to the Associated Press, on Wednesday, a federal bankruptcy court terminated the naming rights deal between FTX and Miami-Dade County. As a result, all the collapsed exchange’s signage and advertising would be removed from the NBA’s Miami Heat’s arena. The U.S. Bankruptcy Judge John T. Dorsey stated that the rights deal “shall be [terminated] effective immediately upon entry of this order.”

Notably, Miami-Dade County secured a $135 million deal with the cryptocurrency exchange in 2021 to name the arena “FTX Arena” until 2040. It is interesting to note that the FTX branding is spread all over the arena, including on its roof, on the basketball court, on the polo shirts worn by security staff, at multiple entrances, and even on many of the electronic cards used by employees to access the facility. 

However, following FTX’s bankruptcy filing, the county filed a motion to cancel the naming rights agreement in November last year. It claimed that referring to the building as FTX Arena would only worsen the “enduring hardships” brought on by the failure of the cryptocurrency exchange.

One of FTX’s primary marketing strategies was to secure sports sponsorships, including a partnership with NFL quarterback Tom Brady, a deal with a Formula 1 international racing team funded by Mercedes, and the naming rights to Cal Memorial Stadium in Berkeley, California.

Anche il gruppo di eSport professionale Team SoloMid (TSM) ha risolto un accordo da $210 milioni con FTX. In particolare, TSM è stato rinominato TSM FTX a seguito della partnership nel giugno 2021.

Il fondatore di FTX nega le accuse

FTX era il terzo più grande scambio di criptovalute, ma ha subito enormi perdite prima di andare in bancarotta dopo un drammatico tracollo che è durato solo pochi giorni. Le stime delle sue perdite vanno da $8 miliardi a $10 miliardi.

Sam Bankman-Fried, the company’s founder, was detained in the Bahamas last month and then estradato negli Stati Uniti to face charges in what U.S. Attorney Damian Williams has referred to as “one of the biggest frauds in American history.”

Il 12 gennaio SBF ha sostenuto that FTX US had been “fully solvent” at the time when the firm ha presentato istanza di fallimento ai sensi del capitolo 11 a novembre, con circa $350 milioni in contanti disponibili. Ha inoltre aggiunto che se fosse stato responsabile dello scambio, sarebbe rimasto solvibile. Tuttavia, è fondamentale notare che FTX ha presentato istanza di fallimento ai sensi di SBF. Inoltre, anche l'ex dirigente ha incolpato il CEO di Binance, Changpeng Zhao, per il crollo della sua azienda.

“I didn’t steal funds, and I certainly didn’t stash billions away. Nearly all of my assets were and still are utilizable to backstop FTX customers,” he stated.

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