The team's move comes from the night before, when FTX founder Sam Bankman Fried announced on Twitter that the company had filed for bankruptcy protection and he also resigned as CEO.

2025/08/0621:44:35 hotcomm 1965

htmlOn November 12, the NBA Miami Heat issued a statement to terminate its cooperation with FTX and will find another title partner for the team at home. The team's move comes from the night before, when FTX founder Sam Bankman-Fried announced on Twitter that the company had filed for bankruptcy protection, and he also resigned as CEO. CNBC obtained the 23-page bankruptcy document and found that FTX has more than 100,000 creditors, with a total assets and liabilities involved ranging from US$10 billion to US$50 billion. The cooperation between

FTX and Heat was officially announced in March 2021. The two parties reached a 19-year, $135 million stadium naming contract, which is one of the most expensive naming rights contracts ever. In addition to its cooperation with the Heat, FTX has built its own sports marketing resources kingdom in a short period of time since 2021. MLB, Riot Game , Mercedes-Benz F1 team, and Tom Brady (Tom Brady), Stephen Curry (Stephen Curry) and other sports marketing resources are included. The valuation of

FTX's company once reached US$32 billion, but it fell rapidly in recent days.

The origin of this incident is an exclusive report by CoinDesk, which disclosed the balance sheet of FTX brother Alameda Research, which has caused concerns about FTX liquidity. On November 6, Zhao Changpeng, founder of Binance, the world's largest crypto exchange, posted a Twitter account, announcing that it will sell all FTX tokens in its hands. As soon as the news came out, the market was in a hurry. Although FTX founder Sam Bankman-Fried posted a tweet, emphasizing that the company has the ability to fulfill users' cash withdrawal needs, the continuous stream of customers still led to FTX's run.

Fried finally chose to surrender and issued a statement on Twitter, hoping that Binance would acquire FTX, and Binance quickly gave a non-binding letter of intent to acquire. But after investigating FTX's financial situation, Binance decided not to promote the acquisition, and said in a statement: "We initially wanted to help FTX cash out users' withdrawals, but the current problems have exceeded our control and capabilities."

" Wall Street Journal " quoted sources, saying that FTX is currently facing a funding gap of up to $8 billion. After Binance chose to withdraw from the acquisition, FTX's defeat was basically doomed.

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