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At the time it made perfect sense.
FTX was one of the biggest and leading cryptocurrency exchanges. Celebrities, influencers , companies and even politicians were all embracing it.
It seemed too good to be true. And in the end, it was.
Amongst the fallout of the FTX collapse has been the Miami Heat’s arena. The two parties reached an agreement back in 2021 that would give the crypto exchange the naming rights for 19 years for $135 million.
That plan? Well, it lasted less than two years.
Earlier this week, a bankruptcy court sided with Miami-Dade county and terminated the naming rights agreement with the now bankrupt FTX exchange. The county has reclaimed control of the arena.
As far as the new name of the arena?
It really rings off the tip of your toungue doesn’t it? Literally one of the most boring names for an event center. And the fact that it’s in Miami – one of the hottest spots in the country and this is what you came up with? Come on.
The county and the team said they will work to find a new naming partner for the arena. Hopefully that happens sooner than later.
SAM BANKMAN-FRIED FACES DECADES IN PRISON IF FOUND GUILTY
FTX’s collapse was one of the biggest financial disasters in modern times. Billions of dollars was lost with many people not being able to recover their investments. The collapse was caused due to a lack of liquidity as well as mismanagement.
The founder of the company, Sam Bankman-Fried was arrested and extradited last month to face criminal charges in the U.S. for numerous crimes including wire fraud and money laundering. He has pleaded not guilty.