"The reports about FTX and its affiliates are extremely disappointing," the Heat said in a joint statement with Miami-Dade County."Miami-Dade County and the Miami Heat are immediately taking action to terminate our business with FTX, and we will be working together to find a new naming rights partner for the arena."
It's unclear when the Heat will officially go through the process of renaming the arena or what it will be called.FTX purchased the naming rights for the Heat arena last year in a massive 19-year, $135 million deal. It was just one of several notable sports deals FTX made recently. MLB umpires wore an FTX patch on their uniforms last season, and several big names in the sports world were seen in commercials and partnerships..
Binance's sale then tanked the price of FTT and prompted others to try and pull their money out of FTX. , the company saw about $6 billion in requested withdrawals over three days — something it struggled to process.The other notable crypto arena in the sports world sits across the country in Los Angeles.
last year in a $700 million deal, which is believed to be the largest in United States history. Crypto.com, which is based in Singapore, is the fourth-biggest exchange in the world, per Forbes.
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FTX's U.S. business is in troubleFTX US is separate from FTX, but its fate is likely to be equal.
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