- According to some data, FTX venture has invested in more than 150 companies.
- Sam Bankman-Fried was among the youngest billionaires globally.
FTX Exchange was among the top three crypto exchanges in the crypto market, and its CEO was among one of the youngest billionaires globally.
Sam Bankman Fried filed for bankruptcy of FTX on 11 November 2022 and became the first crypto billionaire to lose such a massive amount in just a few hours.
Earlier on 12 November 2022, the Miami Heat, one of the top NBA teams, cut ties with FTX Exchange.
The earlier signed this deal for 19 years, a $135 million agreement in 2021, and after the first slot of payment of $14 million was completed and the firm was about to pay $5.5 million in the upcoming year.
Miami Heat was not the only sports organization with which FTX had signed marketing agreements.
FTX has signed several long-term deals with more than the sports sector; among these, Cricket, F1 Racing, and Miami heat are quite popular.
Mercedes recently canceled the sponsorship deal with the FTX crypto exchange after its crash and bankruptcy filing.
Mercedes recently canceled the sponsorship deal with the FTX crypto exchange after its crash and bankruptcy filing, and ICC also dropped the deal with the bankrupt crypto exchange.
In an interview with sportsnews, the outlet spokesperson of Mercedes noted that “As a first step, we have suspended our partnership agreement with FTX. The company will no longer appear on our race car and other branded assets.”
An interview with a news outlet spokesperson of ICC noted, “The ICC’s partnership with FTX is under review until there is greater clarity over the future of the company.”
Many deals of race seasons were also canceled after the crash news of FTX came into the limelight.
In an interview with sportsnews, the outlet spokesperson of Mercedes noted that “As a first step, we have suspended our partnership agreement with FTX. The company will no longer appear on our race car and other branded assets.”
An interview with a news outlet spokesperson of ICC noted, “The ICC’s partnership with FTX is under review until there is greater clarity over the future of the company.”
The spokesperson added, “As a consequence of this, where practical, all FTX branding and promotions at the ICC Men’s T20 World Cup 2022 have been removed.”
After signing the deal with ICC, Sam Bankman-Fried noted, “It is an honor to be a part of the men’s and women’s cricket tournaments. We look forward to building a strong relationship with the International Cricket Council over the years to come.”
Sunday, 13 October 2022, was the last day of the ICC men’s world cup, and it was also the last day for FTX advertisement in the match sessions of ICC.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/11/20/mercedes-f1miami-heat-and-icc-suspends-sponsorship-with-ftx/