Riot Games Plans to Terminate Their Remaining Seven-Year-Deal With FTX After the Latest Bankruptcy Drama

The makers of League of Legends, Riot Games, plan to terminate their partnership with the cryptocurrency exchange company FTX. But this move was inevitable after the latest developments with the Bahamian crypto company. In November 2022, FTX founder Sam Bankman-Fried announced his crypto company went bankrupt and stepped down from his CEO seat. It was huge news, as FTX was the biggest cryptocurrency exchange after Binance.

Per TIME.com, the FTX founder Bankman-Fried was recently arrested on various alleged allegations like fraud, money laundering, and violation of finance laws. Undoubtedly, it was a tremendous blow to those major organizations with links to FTX, like NBA’s Miami Heat, F1’s Mercedes-AMG Petronas, and Riot Games.

Riot Games want to break ties with FTX

After the recent developments with FTX, they have received massive reputational damage, and it won’t be easy for them to reach the same heights again. But their poor reputation now also scares other organizations who had connections with them. So, they are trying to cut those ties, and Riot Games is one of them.

The American game developers signed a seven-year contract with FTX. According to the agreement, the cryptocurrency company sponsored the LCS 2022 for $12.5 million, but only paid half of the promised amount. Further, the sponsorship amount will rise every year according to the deal until 2028.

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But Riot Games is not worrying about the money but only wants this association with FTX to end. Hence, the League of Legends developer has filed a case to terminate the remaining contract with the Bahamian crypto company at the Bankruptcy Court in Delaware.

League of Legends makers don’t want the association with Sam Bankman-Fried

No company would trust an organization whose founder is in prison for various allegations after his company went bankrupt. Further, the latest shocking revelation about Bankman-Fried’s poor management was using QuickBooks for accounting.

But another reason behind Riot Games not wanting to associate with Bankman-Fried is his passion for games. Many images went viral where the ex-FTX CEO was playing League of Legends during important meetings. Undoubtedly, it doesn’t create a great expression on others and would affect LoL’s reputation.

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Riot Games are not wrong in trying to terminate its association with FTX. Do you think the American game-developing company should end this problematic association?