NBA’s Miami Heat will Rename The FTX Arena Amid Crypto Scandal

The relationship between the NBA’s Miami Heat/Miami-Dade County and bankrupt cryptocurrency exchange FTX has been terminated. 

According to CNN Business, the FTX group, one of the most powerful players in the crypto industry, filed for bankruptcy in the United States last Friday. The CEO, Sam Bankman-Fried, also resigned. 

In a joint statement on Friday, Miami Heat and Miami-Dade County admitted they are “extremely disappointed” about the situation. They will be working to find another naming rights partner for the arena. 

CNN Business reported that FTX had a $135 million, 19-year deal to rename the Miami arena last summer. 

Former FTX CEO, Sam Bankman-Fried, is accused of creating a fraudulent scheme to take advantage of inexperienced investors across the nation. Prior to that, “FTX faced a liquidity crisis and a search for bailout funds; rival exchange Binance considered buying portions of the company but quickly backed out,” Investopedia reported. 

Bankman-Fried, apologized for the crypto scandal in a number of tweets last week and vowed to try and save the company. “Right now, my #1 priority–by far–is doing right by users. And I’m going to do everything I can to do that. To take responsibility, and do what I can.” He continued, “So, right now, we’re spending the week doing everything we can to raise liquidity. I can’t make any promises about that. But I’m going to try. And give anything I have to if that will make it work.”