As FTX CEO Loses $14.5 Billion Dollars in a Day, Will It Impact the $210 Million Deal With This Gaming Organization?

Lately, Cryptocurrency has been hitting a major toll in recent days. Subsequently, this has further led to disseminating respective consequences to the entities attached to it. And recently, the crypto exchange FTX, which has also been a contributor to the esports community, released a press release.

FTX is a Bahamian cryptocurrency exchange. The company has also been associated with some of the most popular entities in the world. From NBA’s Miami Heat to investing in Formula One racing team called Mercedes-AMG Petronas, the company has been on close terms with many big names in the industry.

Recently, FTX released a press release regarding their filing for bankruptcy. In a tweet, FTX attached a press release communicating on the respective subject. The company will commence the bankruptcy proceedings for FTX US, FTX.com, Bankman-Fried’s proprietary trading firm, Alameda Research, and approximately 130 additional affiliated companies, as per the press release.

Read More: $15.6 Billion Man and FTX CEO Lands in Troubled Waters Over Massive League of Legends Controversy

Furthermore, it also mentioned that Sam Bankman-Fried has resigned as the CEO of the company. Bakman-Fried recently lost $14.6 billion as reported by CoinDesk. Hence, John J. Ray III will be taking the role of CEO ahead. Evidently, it can be said that the cryptocurrency market’s dip has affected the company. Here are the affiliations that the company had with respect to the esports community.

Associations of FTX with the participants of the esports community

FTX has been a close confidant of the esports community. From contributing to reputed events to partnering with a professional team, it showed great interest in the field. Moreover, Sam Bankman-Fried also propagated his intentions regarding the esports community.

Dating back to November 8, 2021, the organization Decrypt reported that Bankman-Fried addressed the growing popularity of crypto gaming. Moreover, he did say that the amalgamation of the two “is going to be massive.”

To continue the thought, the esports community wasn’t foreign to the company’s arrival. As reported by Business Insider, FTX also invested in Riot Games’ North American League of Legends Championship Series. Moreover, the company also partnered with the esports gaming platform giants Nerd Street Gamers.

Talking of esports, the community saw FTX associating themselves with the fan-loved professional team TSM. As reported by The New York Times, TSM and FTX had a $210 million deal. As per the deal, the professional team agreed to be known as TSM FTX, and get the payment of the deal over 10 years. Hence, it can be said that FTX had an avid participation in the esports field.

However, now that the company is going through a rough patch, the future remains untold. Thus, time shall unveil how the partnerships work out between the esports entities and the crypto company.

WATCH THIS STORY: Best League of Legends Players in the World

What esports events are you looking forward to witnessing? Do tell us in the comments section below.