FTX en Miami-Dade County Deal eindigt als SBF beschuldigingen ontkent

• 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.
• FTX-branding is over de hele arena verspreid, ook op het dak, op het basketbalveld, op de poloshirts die door beveiligingspersoneel worden gedragen, enz.

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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.

Volgens 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.

Professionele esports-groep Team SoloMid (TSM) beëindigde ook een overeenkomst van $210 miljoen met FTX. Met name werd TSM in juni 2021 omgedoopt tot TSM FTX als resultaat van de samenwerking.

FTX-oprichter ontkent beschuldigingen

FTX was de op twee na grootste cryptocurrency-uitwisseling, maar leed enorme verliezen voordat het failliet ging na een dramatische meltdown die slechts een paar dagen duurde. Schattingen van de verliezen variëren van $8 miljard tot $10 miljard.

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

Op 12 januari SBF beweerde that FTX US had been “fully solvent” at the time when the firm vroeg in november het Chapter 11-faillissement aan, met ongeveer $350 miljoen in contanten bij de hand. Hij voegde er verder aan toe dat als hij de leiding had gehad over de beurs, deze solvabel zou zijn gebleven. Het is echter cruciaal op te merken dat FTX faillissement heeft aangevraagd onder SBF. Bovendien de oud-bestuurder ook gaf de CEO van Binance, Changpeng Zhao, de schuld, voor de ineenstorting van zijn bedrijf.

“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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