Just hours after FTX filed for bankruptcy, Miami HEAT and Miami-Dade County issued a joint statement, now discredited. cryptocurrency announced that they would immediately cut ties with the stock market.
FTX Would Have Paid $139 Million For 19-Year Contract
Photos circulating on social media allegedly show FTX’s logo being ripped from the top of the arena. The 19-year contract cost FTX exactly $135 million.
NBA giant Miami Heat made the following statements in his message:
“The news about FTX and its affiliates is extremely disappointing. Miami-Dade County and Miami HEAT are taking immediate action to end our business relationships with FTX and will work together to find a new franchising partner for the arena.”
The company, once one of the world’s largest crypto exchanges, collapsed this week after the liquidity crisis created a domino effect, resulting in the exchange’s US subsidiary FTX US and the bankruptcy of its entire portfolio of companies, including quant trading firm Alameda Research.
The entire company portfolio is currently reported to be in losses of between $10-50 billion.
The company’s collapse has already triggered the ripple effect of results across the crypto industry and beyond, including the city of Miami. Under the leadership of crypto-friendly Mayor Francis Suarez, Miami had sought to position itself as a crypto hub by inviting crypto businesses, including FTX, to open offices in Florida.
In September, FTX announced that it would relocate its US headquarters from Chicago to Miami, and advertised the stylish new office space on Twitter.
*Not investment advice.
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