FTX logos and promotional material still everywhere despite bankruptcy proceedings

Published at: Nov. 28, 2022

Before its liquidity issues and bankruptcy filing in November, FTX was well known for its prolific stance on making sponsorship deals. Even with many in and out of the space now associating the exchange with failed financial institutions, traces of the promotional glitter bomb it has unleashed on the world aren’t likely to go away anytime soon.

In Abu Dhabi, attendees for the Gumball 3000 motor rally in November noted on social media that wristbands for the event and more than one of the vehicles bore FTX’s logo, as did advertisements around the city. The crypto exchange did not appear as a sponsor on the event’s website at the time of publication.

Race weekend in Abu Dhabi Didn’t know FTX also sponsored Gumball 3000. Lol good old days when I used to feel proud to see FTX man I’m in tears. My $ftt RIPGotta respect constant changes in crypto pic.twitter.com/PyG9XJuWhX

— belindazhou.eth in Sg (@ciaobelindazhou) November 18, 2022

In 2021, the now infamous crypto firm inked a $135-million deal to rename the NBA Miami Heat’s stadium the FTX Arena until 2040. Following FTX’s bankruptcy filing, officials in Miami-Dade County on Nov. 22 filed a motion to terminate the naming rights agreement. A hearing on the matter is scheduled for Dec. 16, but at the time of publication, the FTX logo is still all over the Miami sports venue, leading to mockery online:

Lol hat a metaphor the best player on the team gets to blatantly travel while running near the FTX logo on the floor https://t.co/bLMgpkjM1V

— ◾️ frontier (@frontier_anon) November 26, 2022

Ouch! Just passed the Miami Heat arena- the FYX arena.#Web3 @FTX_Official pic.twitter.com/h3c6w3FiHg

— Sandy.NFT 11-11 (@sandy_carter) November 28, 2022

Though the FTX Token (FTT) may not be something crypto users want to hang on to, the firm’s bankruptcy could increase the value of promotional merchandise. FTX sponsored the Formula 1 international racing team backed by luxury car brand Mercedes. Some fans reported that Mercedes’ car no longer sported the FTX logo at the Sao Paulo Grand Prix — held around the same time the firm filed for bankruptcy — with many also pointing out that the team’s caps still prominently featured the company branding:

FTX logo on Mercedes F1 caps looked cool, now it is a rare piece pic.twitter.com/Jq82IzTn2D

— Nikita Fadeev (@NikitaAFadeev) November 24, 2022

Related: Esports team TSM suspends $210M sponsorship deal with FTX

Other partnerships between the exchange and sporting entities included endorsements from NFL quarterback Tom Brady and NBA point guard Stephen Curry, a global partnership with the International Cricket Council, a five-year deal with Major League Baseball, and a ten-year agreement to purchase the naming rights to Cal Memorial Stadium — now FTX Field — in Berkeley. Though officials have reportedly scrapped some of the exchange’s logos in an effort to no longer advertise FTX’s services, the promotional shrapnel spread by the firm may not be wholly removed for some time.

Tags
Business
Cryptocurrency Exchange
Marketing
Ftx
Related Posts
Sam Bankman-Fried updates investors: 'We got overconfident and careless,' claims $13B leverage
Former FTX chief executive officer Sam Bankman-Fried said he was “wrong” in his estimates of the crypto exchange’s leverage prior to its collapse, claiming it wasn’t $5 billion, but closer to $13 billion. In a Nov. 16 Twitter thread, Bankman-Fried said leverage at FTX built up to roughly $5 billion, backed by $20 billion in assets, which held value but also the potential for risk. According to the former CEO, the crypto market crash “with no bid side liquidity” alongside a bank run resulted in roughly $4 billion being withdrawn daily — 25% of consumer assets. “I was wrong,” said …
Business / Nov. 16, 2022
Texas to probe FTX endorsements by Tom Brady, Stephen Curry and other celebs
NFL quarterback Tom Brady and basketball point guard Stephen Curry are reportedly among the celebrities facing a probe from the Texas financial regulator over their promotion of the now-bankrupt crypto exchange, FTX. Joe Rotunda, director of enforcement at the Texas State Securities Board reportedly told Bloomberg in a Nov. 22 report that the Texas State Securities Board is scrutinizing payments received by celebrities to endorse FTX US, what disclosures were made and how accessible they were for investors. Rotunda however noted that while the watchdog was taking a "close look at them," the celebrities’ endorsements of FTX were not an …
Bitcoin / Nov. 22, 2022
CoinDesk could be up for grabs as parent company DCG scrambles for funds
Crypto media outlet CoinDesk is reportedly considering a potential sale as its parent company Digital Currency Group (DCG) looks to strengthen its balance sheet. According to the Wall Street Journal, CoinDesk has sought the help of investment bankers from financial advisory firm Lazard, who are helping the firm weigh options including a full or partial sale. You know, I just realized that Coindesk is for sale. pic.twitter.com/QqmBPOClpu — Charles Hoskinson (@IOHK_Charles) January 19, 2023 DCG has purportedly received multiple offers exceeding $200 million to buy out the media firm over the last few months, which would result in a phenomenal …
Business / Jan. 19, 2023
FTX CEO says he is exploring rebooting the exchange: Report
John Ray, who took over as CEO of cryptocurrency exchange FTX prior to bankruptcy proceedings, has reportedly set up a task force to consider restarting FTX.com. According to a Jan. 19 report from the Wall Street Journal, Ray said everything was “on the table” when it came to the future of FTX.com, including a potential path forward with rebooting the exchange. FTX Trading, doing business as FTX.com, was one of roughly 130 companies under FTX Group that filed for Chapter 11 bankruptcy in November 2022. Ray reportedly was considering reviving the crypto exchange as part of efforts to make users …
Business / Jan. 19, 2023
BlockFi execs, Gemini named in proposed lawsuit by a disgruntled investor
An investor with nearly $2 million worth of funds frozen in bankrupt cryptocurrency lender BlockFi has filed a class action complaint against its founders, two directors and crypto exchange Gemini. In a Feb. 28 complaint filed in the U.S. District Court for the District of New Jersey, investor Trey Greene accused the defendants of numerous wrongdoings, including violating the consumer fraud and exchange acts, breaching its fiduciary duties, as well as offering and selling unregistered securities. “The unregistered securities sold by the BFI [BlockFi] Defendants on behalf of BlockFi were marketed and sold via a steady stream of misrepresentations and …
Regulation / March 2, 2023