Team SoloMid (TSM) is another organization that’s reevaluating its relationship with FTX following the exchange’s sudden collapse, stating on Twitter that it’s “consulting legal counsel to determine the best next steps.”
The esports team became officially known as TSM FTX after it struck a $210 million sponsorship deal with the company last year. The Miami Heat and the Mercedes Formula 1 team have already ended deals with the fallen firm.
On Friday, the bankrupt FTX said it started facilitating withdrawals for its clients in the Bahamas (where the company’s based) at the request of “Bahamian HQ’s regulation and regulators.”
But the Securities Commission of The Bahamas says that’s not the case, stating it never “directed, authorized or suggested... the prioritization of withdrawals for Bahamian clients.” Meanwhile, hundreds of millions of dollars are still missing from the exchange.
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After pausing client withdrawals just a couple of days ago, now BlockFi is shutting off its credit card. In an email sent to customers, it says it’s suspending “purchasing privileges” on the BlockFi Rewards Visa card “in light of recent developments at BlockFi,” but didn’t elaborate any further.
After FTX filed for bankruptcy on Friday, the Miami Heat announced that it’s terminating its partnership with the company, which acquired the naming rights to its basketball stadium last year.
The stadium will still be known as the FTX Arena when the Heat faces off against the Charlotte Hornets on Saturday (and probably for the foreseeable future) while the team looks to secure a new sponsorship deal.
