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FTX has filed for bankruptcy. This means that sports teams who have partnered with the crypto-exchange are making major changes.
The University of California’s football field has been stripped of the FTX logo.
View of Memorial Stadium and the Cal logo on Dec. 1, 2018. At the University of California, Berkeley, Calif., this was the day of The 121st Big Game.
The logo was placed at the 25-yard line. On the turf, you can see an outline.
It was formerly known as FTX Field at California Memorial Stadium.
FTX filed bankruptcy on Friday, after a week of turmoil for the exchange and what was the crypto equivalent to a bank ran.
It was third-largest cryptocurrency exchange at the start of last week. Sam Bankman-Fried, its founder and CEO, has resigned.
On the day that it filed for bankruptcy the Miami Heat and Miami-Dade County declared they would find a new partner to rename the arena. Since last year, it had been called FTX Arena.
FTX was involved in many sports leagues and with athletes. It signed a deal for Formula One racing with Mercedes and a sponsorship agreement with Major League Baseball. Mercedes announced Friday that it will remove all FTX logos on its Formula One cars. Tom Brady, Stephen Curry and others had also made deals with the exchange.
Investors have recently filed a class-action lawsuit naming Bankman-Fried as the defendants. It names Shaquille O’Neal, Trevor Lawrence and Brady.
The lawsuit states that “The deceptive and failed FTX platform was based on false representations and misleading conduct.” We found many incriminating FTX texts and emails that have been destroyed. They are evidence of how FTX’s fraud scheme was intended to exploit unsophisticated investors across the country who use mobile apps to make their investment decisions. American consumers suffered over $11 Billion in collective damages.
In Miami, Nov. 12, 2022, the signage for the FTX Arena where the Miami Heat plays is illuminated. (AP Photo/Marta Lavandier, File / AP Newsroom)
Bankman-Fried’s net wealth has plummeted from $30 Billion to $15 Billion.
Fox News’ Greg Norman contributed this report.