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FTX Arena disappears — the Miami Heat’s house will be scrubbed of the stopped working cryptocurrency exchange’s branding instantly, a judge ruled Wednesday.
Sam Bankman-Fried‘s business purchased the identifying rights to the center — previously called American Airlines Arena — in 2021 for $135 million … however as the exchange deals with major allegations of fraud and mishandling consumer funds, the Heat and Miami-Dade County made it clear a modification was required.
Of course, FTX — which was among the biggest crypto exchanges worldwide — applied for insolvency in November … and SBF has given that been charged with conspiracy to devote wire fraud, wire fraud, conspiracy to devote products fraud, conspiracy to devote securities fraud and more.
According to the Miami Herald, a federal insolvency judge terminated the contract in between the county and FTX as the examination continues … bringing the deal to a shrieking stop ASAP.
In truth, the order specifies any signs showing the FTX name will be eliminated instantly.
The relocation was shared, according to the report, as FTX’s brand-new management likewise wished to cancel the naming-rights deal.
It was a brief run for FTX Arena … however the relocation was all however unavoidable.
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