If you are someone who was invested in cryptocurrency, then you probably knew about FTX. Unfortunately, many people lost their life savings with the exchange as it was promptly shut down. It has since declared bankruptcy, and now, FTX founder Sam Bankman-Fried is looking at a lengthy prison sentence.
Overall, things do not look good for SBF. The entrepreneur is now being charged with fraud, money laundering, and even conspiracy. Needless to say, no one wants anything to do with his company. This is especially true of sports teams who were sponsored by the exchange.
FTX Vs. Miami Heat
NBA fans are well aware of the fact that the Miami Heat's arena was called "FTX Arena." The naming rights were purchased for $135 million just two years. Since the scandal, however, the Heat has been trying to get the name removed from its building. According to TMZ, those efforts have officially become successful.
Consequently, all FTX logos will be removed from outside of the arena. Additionally, any FTX branding on the court will also have to go. Over the past month, the exchange's logos have remained on the floor in the arena, which has definitely caused some confusion.
Overall, it can certainly be said that the Heat are just happy to rid themselves of the brand. Now, they won't have to field any unfortunate questions about the situation.
It remains to be seen who will win the naming rights next. Perhaps the Heat will have the foresight to stay away from crypto this time.
[Via]
