The arena where the Miami Heat play can now get a new name following the collapse of cryptocurrency exchange FTX.
"The reports about FTX and its affiliates are extremely disappointing," the team and county said in a statement at the time, adding that they are working to find a new naming rights partner for the arena.FTX collapsed from a multibillion-dollar crypto darling into a bankrupt cautionary tale within a matter of weeks. The number of FTX investors and customers who prosecutors have said collectively lost $8 billion is likely to exceed 1 million.
FTX founder Sam Bankman-Fried was charged last month in an eight-count indictment with defrauding customers of and lenders to the crypto exchange. He was also charged with defrauding lenders to his privately-controlled hedge fund Alameda Research.last week to the federal charges. Prosecutors have accused him of using FTX like a personal slush fund to make risky investments and political donations and to buy lavish real estate.
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