One of the most populated counties in the United States, Miami-Dade, Home to Basketball legends, has nullified its affiliation with FTX following its collapse late last year. According to Miami Herald, a U.S. judge immediately terminated the contract between the parties.
However, in early 2021, both parties agreed to a nineteen-year contract worth 135 million dollars for FTX to be granted naming rights of the Miami Heat Playing ground, the three-time Basketball champions.
Following the evidence on the allegations of the company’s finances and fraud, judges affiliated with FTX Co-founder Mr. Sam Bankman Fried. The county immediately petitioned the courts requesting to terminate the business partnership with the bankrupt company.
Moreover, the request has been approved, leading to the immediate termination of any connection with the FTX brand from the Miami Heat playing ground. According to the Miami-Dade administration and the Miami Heat Team, the team is on its way to locating a new naming partner for the playing ground immediately. Meanwhile, the arena would remain to be called Miami-Dade Arena.
FTX Loses Another Partner
Following the termination of the partnership deal with Miami-Dade due to the collapse of the crypto exchange FTX, On the other hand, the Mercedes AMG Formula one team reported the termination of the agreement with the multi-million crypto empires.
However, the team was interested in protecting the collapsed crypto exchange. So formula one management changed the decision, terminated the agreement, and expelled the FTX brand name from its racing cars and other merchandise.
It is anticipated that the future will be filled with such occurrences as the FTX situation remains uncertain. In the previous months, the crypto exchange firm filed a petition requesting the termination of more than twenty marketing deals, such as the naming rights of Miami-Dade Arena.
Other valuable deals included the partnership deal with the Brazilian Fashion Star Bundchen Gisele and the defending Basketball Champions Golden State Warriors.
How The Crypto Space is Performing amid FTX Collapse
Following the downfall of the FTX crypto exchange last year, the crypto space took huge losses, accumulating to a value of more than 180 billion dollars. Meanwhile, there has been a steady flow of market recovery in the previous weeks.
Currently, the market giant and major cryptocurrency, Bitcoin, is trading for around 20,000 dollars, a phenomenon that has been witnessed for the first time after the collapse of FTX. However, this event doesn’t automatically mean that the ground is leveled.
Bitcoin has sky-rocketed by 11 percent in the last 24 hours, accumulating a value of 20,871 dollars following reports issued by CoinMarketCap. Its trading volume in the last 24 hours is around 40,609,972,140; meanwhile, its accumulative market cap is worth 401,860,462,377 dollars.
SHIB and DOGE Ground-Breaking Performance
This week, Shiba Inu and Dogecoin have joined the race to a larger crypto market in a bullish act. Doge raises by 5.74%. Doge surpassed the initial key resistance level at 0.0826 dollars and the second at 0.0850 and eased back to end at 0.0847.
An unforeseen start saw Shiba Inu depreciate to an early morning low of 0.00000928 dollars and appreciate to a late high of 0.00001028. Shiba Inu surpassed the first key resistance level at 0.00000983 and the second level at 0.00001020 and eased back to end at 0.00001021.
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