With FTX filing for bankruptcy, sports teams that have partnered with the crypto exchange are now making some serious changes.
The FTX logo has been removed from the University of California, Berkeley football field.
The logo had been placed on the two lines of 25 meters. An outline can be seen on the grass.
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The field was called FTX Field at California Memorial Stadium.
FTX filed for bankruptcy Friday after a tumultuous week for the exchange and what has been the crypto equivalent of a bank run.
It was the world’s third-largest cryptocurrency exchange at the start of last week, and its CEO and founder, Sam Bankman-Fried, stepped down.
On the day he filed for bankruptcy, the Miami Heat and Miami-Dade County announced that they would find a new partner for the arena’s naming rights. It was called FTX Arena since last year.
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FTX has been involved in many sports leagues and athletes. He had a deal with Mercedes for Formula 1 racing and a sponsorship deal with Major League Baseball. Mercedes also announced on Friday that it would remove all FTX logos from its Formula 1 cars. Tom Brady and Stephen Curry have also made deals with the exchange.
Investors recently filed a class action lawsuit against Bankman-Fried that names Brady, Curry, Shaquille O’Neal, Trevor Lawrence, David Ortiz, Shohei Ohtani and Naomi Osaka as defendants.
“The deceptive and faulty FTX platform was based on misrepresentation and misleading behavior,” the lawsuit states. “Although numerous incriminating emails and text messages from FTX have already been destroyed, we have located them and they show how FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors across the country, who use mobile apps to make their investments. As a result, American consumers have collectively suffered more than $11 billion in damages.”
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Bankman-Fried’s net worth reportedly fell from $30 billion to $15 billion.
Fox News’ Greg Norman contributed to this report.