Over the last few months, the FTX crash has dominated public discourse.
It seems that many individuals and organizations that were once associated with the now-defunct exchange are attempting to quickly remove themselves from it.
The Miami Heat and FTX are no longer partners
One of these is the FTX Arena, where the Miami Heat always plays their home games. Now, it wants to quickly alter its identity and eliminate its affiliation with the discredited trading platform.
The Miami Heat and Miami-Dade County announced that they were cutting all ties with FTX immediately and that they would be looking for new naming rights partners for the arena.
The Miami Heat is known for formerly fielding a team that had basketball talents like O’Neal Shaquille.
The Miami Heat’s spokesperson has described the circumstances surrounding FTX as disappointing.
Because of its reliance on conventional television ads and sponsorships, FTX rose to prominence in the sector.
The corporation has strong connections to several sports personalities, many of whom have appeared in its small-screen advertisements.
Tom Brady, the renowned New England Patriots quarterback, was one of them. A few months ago, he was featured in a company advertisement that made fun of the mining of virtual currencies.
Brady brandished a flamethrower in full display and hurled a searing flame at a nearby block of ice.
The audience could see a bitcoin when the ice had evaporated. Brady has already committed to representing the firm as a marketing ambassador.
However, what was once just fun, games for FTX, and money swiftly turned into disgrace when the firm abruptly folded, taking the money of many gamers with it.
The company initially started having problems in the middle of November and turned to Binance for assistance, alleging a cash shortage.
This meant it did not have enough cash on hand to survive, so it requested a buyout from the bigger company.
FTX-related debate is still going on right now, and many people are trying to figure out how 500,000,000 USD worth of cryptocurrency assets could have vanished from the exchange.