Aaryamann Shrivastava
FXStreet
- FTX had the naming rights for the Miami Heat home ground titled "FTX arena," which has been terminated by US Bankruptcy Judge John T. Dorsey.
- The Miami-Dade County stated that calling the place "FTX Arena" would add to the "enduring hardships" caused by the crypto winter.
- FTX bankruptcy lawyers also recovered $5 billion on Wednesday in various forms of liquid assets and investments.
FTX bankruptcy proceeding continued on Thursday, with the bankrupt cryptocurrency exchange losing another major estate. FTX and its sports deals had been a crucial part of the company's branding, which came to an end today. Meanwhile, the lawyers of the exchange brought forward new revelations.
FTX loses its arena
The FTX saga took another unfruitful turn as the cryptocurrency exchange lost the naming rights it once had for the Miami arena. The arena, under the control of Miami-Dade county, is also home to the NBA team Miami Heat, which FTX had named "FTX Arena".
The deal that came into effect back in June 2021 was terminated on Wednesday after US Bankruptcy Judge John T. Dorsey acted in favor of the county. Judge Dorsey wrote that the termination "shall be effective immediately upon entry of this order". The deal was initially set for 19 years, with FTX pouring in $135 million, out of which the Miami Heat were set to receive $2 million annually.
However, since November 2022, Miami-Dade county has been attempting to strip the arena of FTX's name following the exchange's bankruptcy. The county stated that referring to the arena as "FTX arena" would have added to the "enduring hardships" that came with the crypto winter.
The Miami-Dade county deal is not the first that FTX has lost, as right after its bankruptcy announcement in November, e-sports company Team SoloMid suspended their deal with the exchange worth $210 million.
FTX recovers $5 billion
FTX bankruptcy proceedings made some positive development on Wednesday as the exchange's lawyers claimed recovery of cash, liquid cryptocurrency and liquid investment securities worth over $5 billion. This amount was earlier expected to be around $1 billion..
In addition to this, FTX bankruptcy lawyer Adam Landis also stated that FTX had a backdoor policy for Alameda Research. Through this, the company had a credit line worth $65 billion. According to Landis, the money provided to Alameda was used to buy planes and throw parties, as well as make political donations.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.