Last year, the world of cryptocurrencies made a strong entry into the NBA universe. Crypto.com had thus recovered the “naming” of the Staples Center in Los Angeles when FTX had done the same with the American Airlines Arena in Miami. Problem: it goes up very quickly but it also goes down very quickly in the world of cryptocurrencies.
Because until the last few days, FTX was considered a solid platform for cryptocurrency trading. Except that all it took was a few rumors about the state of the company’s accounts to panic customers, who withdrew their funds en masse. Enough to cause the complete collapse of the group…
Sam Bankman-Fried, the boss of FTX, hoped to save the furniture by selling his company to his rival, Binance, but after studying the accounts, the latter finally gave up on saving his competitor. The businessman must therefore find 4 billion dollars urgently to remain solvent.
Now, FTX might just disappear, and the many deals the company has made in the sports world with it. The company had thus signed partnerships with Shaquille O’Neal, Tom Brady, Stephen Curry, Naomi Osaka, the Golden State Warriors, MLB and therefore Miami County, in order to put its name on the Heat room for 19 years. , for a total of $135 million. That was just 17 months ago.
“At the end of the day, if the business disappears, it’s almost guaranteed that if the lawyers have done their job with a modicum of skill, those naming deals will be on the market again.”explains Michael Lewis, professor of marketing at Emory University, Georgia.
Another company could therefore quickly take the place of FTX in Miami. However, it was only last month that the logo of the cryptocurrency trading platform was formally installed on the roof of the room.
