Golden State Warriors Pause FTX Relationship

One of the most successful NBA teams – Golden State Warriors – reportedly paused all marketing endeavors related to the distressed crypto exchange FTX.

The latter filed for bankruptcy last week after failing to honor its clients’ withdrawal requests.

• According to recent coverage, the basketball club stopped advertising all FTX products and services.
• The last promotion was on Monday (November 14), and it was related to Golden State Warriors shooting guard Jordan Poole.
• Miami Heat is another NBA giant that cut ties with the crypto platform. The team said what happened to the company was “extremely disappointing” and vowed to change the name of its home ground – FTX Arena.
• The meltdown of the trading venue has been a devastating event for the entire cryptocurrency industry, causing additional mayhem amid the ongoing bear market.
• Changpeng Zhao (CZ) recently likened the FTX fiasco to the 2008 global market crash, one of the most severe monetary crises since the Great Depression from the beginning of the 20th century.
• The collapse triggered numerous investors to pull out their funds from exchanges. As CryptoPotato reported, users had withdrawn $3.7 billion worth of bitcoin, $2.5 billion worth of ether, and around $2 billion worth of stablecoins in a matter of a week.