Esports Organization TSM Finally Breaks Its $210 Million Partnership With FTX, After the CEO Filed for Bankruptcy

The American eSports organization TSM has announced suspending the lucrative partnership with the cryptocurrency exchange FTX after the trading platform saw a controversial and chaotic downfall.

Team SoloMid, better known as TSM, is a famous United States-based eSports organization founded by Andy “Reginald” Dinh in 2009. The eSports organization has teams for many eSports games like Valorant, Dota 2, Apex Legends, Super Smash Bros, and Tom Clancy’s Rainbox Six Siege. However, it saw the most success in League of Legends, winning seven LCS tournaments.

TSM breaks up with FTX

FTX was the world’s second-largest cryptocurrency exchange in the world. But the CEO and founder Sam Bankman-Fried recently resigned from his post after informing about the company’s bankruptcy. It led to massive chaos among the investors and other associates.

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The eSports organization TSM released an announcement on November 13 that stated they are keeping an eye on the situation. They claimed not to have any inside insight into the matter other than what’s publicly reported. But they claimed to take the steps which are in the organization’s best interest.

But on November 16, TSM released an announcement to inform the suspension of their partnership with FTX. It was a massive deal worth around $210 million. Because of the deal’s termination, TSM will no longer join its name with FTX on any branding.

The American eSports have also notified canceling such a lucrative partnership won’t affect them. They claimed to be a profitable and stable organization. TSM also predicted profitability for this year and the upcoming ones. However, they have notified fans about taking some time to remove all the FTX brandings from their social media.

Even Binance couldn’t protect the second-largest cryptocurrency exchange in the world

After the chaotic downfall of FTX, the world’s biggest cryptocurrency exchange Binance planned to acquire it. A Binance spokesperson even shared that their organization initially planned to acquire FTX to protect it from a liquidity crunch.

So Binance started studying their conditions and documents thoroughly. But after studies, the world’s largest crypto exchange concluded FTX is beyond any saving. As a result, Binance also moved away from the deal, leaving FTX with no hopes.

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What do you think about TSM breaking up with FTX after the latter’s crushing downfall in the crypto industry? Share your thoughts about it in the comments.