BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Miami Heat can change naming Rights if FTX Fails to honor the deal

by Abimbola Adu
Nov 11, 2022 - 12:00 am
in Blockchain
Miami Heat can change naming Rights if FTX Fails to honor the deal

The Miami Heat, a professional basketball team based in Miami, announced on November 10 that it may change its naming rights agreement with FTX.

The $135 million deal was sealed in 2021, two years after the exchange’s launch. Samuel Bankman Fried, the CEO, signed the deal with Miami Dade County, which involves paying over 19 years.

The deal would give FTX Exchange naming rights over the new home of the Miami Heat. However, as it stands, the agreement could change if FTX fails to meet the required quota. 

When FTX CEO Samuel Bankman Fried signed the deal, the exchange was the third largest in the industry.

But currently, FTX is nowhere among the top as an alleged lawsuit has dragged the price of FTT, its native token, below $3, and its rank in the crypto market has dropped from among the top ten to 83rd in a few days.

Several investors have withdrawn from the platform and sold their stakes; among them is Changpeng Zhao, who not only sold his stakes a year earlier but has liquidated all his FTX tokens worth $500 million.

Others followed suit after seeing CZ’s actions; this created paranoia that made most users sell their tokens.

However, on November 8, the platform froze all withdrawals, and the following day, all related websites became inaccessible. 

The exchange resumed withdrawals in the Bahamas on November 10, and in a few hours, they recorded $6.8 million in withdrawals. 

All this chain of events points to the fact that the FTX exchange may be out of liquidity and still owes a projected sum of $9 billion in customer funds.

FTX Exchange and its sister company, Alameda Research, were accused of misusing customers’ funds and, if found guilty, could go bankrupt and close down.

Miami Dade County expects FTX to honor their deal and pay the agreed sum of $5.5 million in January 2023; if not, they may have no choice but to reverse the naming rights.

Tags: FTTFTX
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service