In March 2021, FTX acquired the naming rights to Miami Heat’s arena in a $135 million, 19-year agreement. As part of the 2022 bankruptcy of FTX, the naming rights agreement was terminated effective January 2023 and is now named Kaseya Center.
FTX, one of the world’s largest cryptocurrency exchanges, once valued at $32B in January 2022, scammed billions from crypto-currency users. FTX filed for bankruptcy in November 2022, after a surge of customer withdrawals earlier in the month. The company didn’t have sufficient assets in reserve to meet customer demand. FTX crashed due to mismanagement of funds, lack of liquidity and the large volume of withdrawals.
