The world of Crypto is a weird place. This can be seen best in the recent developments down in Miami. It was recently reported that a federal bankruptcy judge has officially put an end to the naming rights agreement between Miami-Dade County and the FTX crypto exchange. This means the Miami Heat will no longer be playing in the FTX Arena. In addition to this, it means that Miami-Dade plans to immediately stop using the FTX name. It also means they will remove all references to it from the arena. Yikes.
If you’ve been paying attention to the world of crypto, then this all comes as no surprise. The former CEO of FTX, Sam Bankman-Fried is facing federal criminal charges. These charges come after allegations of fraud and mismanagement against him.
Miami-Dade and the Heat both announced their intention to terminate the sponsorship deal, worth $135 million, back in November of 2022. On Wednesday, Judge John Dorsey approved the agreement to end the naming-rights as of December 31st, and for the arena to stop using the FTX name. It’s a wild ride for sure, stay tuned for more updates on this and other crypto news.
[H/T] – Miami Herald