The impact of FTX's bankruptcy on its involvement in sports has begun. The exchange's logo was removed from the University of California's football field.
Friday after a week of tumult for the exchange and what has been the crypto equivalent of a bank run. in the world at the beginning of last week, and its CEO and founder, Sam Bankman-Fried, has resigned.
The day it filed for bankruptcy, the Miami Heat and Miami-Dade County announced they would be finding a new partner for the arena's naming rights. It had been named FTX Arena since last year.FTX got involved with many sports leagues and athletes. It had a deal with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball. Mercedes also said Friday it would remove all FTX logos from its Formula One cars.
against Bankman-Fried that names Brady, Curry, Shaquille O'Neal, Trevor Lawrence, David Ortiz, Shohei Ohtani and Naomi Osaka as defendants. "The Deceptive and failed FTX Platform was based upon false representations and deceptive conduct," the lawsuit states. "Although many incriminating FTX emails and texts have already been destroyed, we located them and they evidence how FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments.
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