If you are someone who was invested in cryptocurrency, then you probably knew about FTX. Unfortunately, many people lost their life savings with the exchange as it was promptly shut down. It has since declared bankruptcy, and now, FTX founder Sam Bankman-Fried is looking at a lengthy prison sentence.
Overall, things do not look good for SBF. The entrepreneur is now being charged with fraud, money laundering, and even conspiracy. Needless to say, no one wants anything to do with his company. This is especially true of sports teams who were sponsored by the exchange.
FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court on January 03, 2023 in New York City. Bankman-Fried, who pleaded not guilty during the court hearing, has been charged with eight criminal counts of fraud, conspiracy, money-laundering offenses which includes making illegal political contributions. (Photo by Michael M. Santiago/Getty Images)
FTX Vs. Miami Heat
NBA fans are well aware of the fact that the Miami Heat's arena was called "FTX Arena." The naming rights were purchased for $135 million just two years. Since the scandal, however, the Heat has been trying to get the name removed from its building. According to TMZ, those efforts have officially become successful.
Consequently, all FTX logos will be removed from outside of the arena. Additionally, any FTX branding on the court will also have to go. Over the past month, the exchange's logos have remained on the floor in the arena, which has definitely caused some confusion.
FTX Founder Sam Bankman-Fried arrives for a court hearing at Manhattan Federal Court on January 03, 2023 in New York City. Bankman-Fried has been charged with eight criminal counts of fraud, conspiracy, and money-laundering offenses which includes making illegal political contributions. (Photo by Michael M. Santiago/Getty Images)
Overall, it can certainly be said that the Heat are just happy to rid themselves of the brand. Now, they won't have to field any unfortunate questions about the situation.
It remains to be seen who will win the naming rights next. Perhaps the Heat will have the foresight to stay away from crypto this time.
About The Author
Alexander Cole is the current editor-in-chief of HotNewHipHop. He started at HotNewHipHop back in 2018 where he began as a Sports and Sneakers writer. It was here where he began to hone his craft, putting his journalism degree from Concordia University in Montreal, Quebec, to good use.
Since that time, he has documented some of the biggest stories in the hip-hop world. From the Kendrick Lamar and Drake beef to the disturbing allegations against Diddy, Alex has helped HotNewHipHop navigate large-scale stories as they happen.
In 2021, he went to the Bahamas for the Big 3's Championship Game. It was here where he got to interview legendary figures like Ice Cube, Clyde Drexler, and Stephen Jackson. He has also interviewed other superstar athletes such as Antonio Brown, Damian Lillard, and Paul Pierce. This is in addition to conversations with social media provocateurs like Jake Paul, and younger respected artists like Kaycyy, Lil Tecca, and Jeleel!
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