Miami Heat removes FTX from the name of their venue

Miami Heat removes FTX from the name of their venue

FTX is being dropped from the name of the Miami Heat’s home arena, months after the demise of the illustrious cryptocurrency exchange. In a $117 million contract, security software provider Kaseya obtained the naming rights for the formerly known FTX Arena. The new name, Kaseya Center, is effective immediately FTX.

Miami

“The collapse of our previous partner caught everyone by surprise, but, in conjunction with Miami-Dade County, we worked efficiently and incredibly quickly to fill our naming rights vacancy with Kaseya,” said Eric Woolworth, president of the Miami Heat’s corporate operations, in a statement.

Miami Heat removes FTX from the name of their venue
Miami Heat removes FTX from the name of their venue

Heat removes FTX

Following the catastrophic collapse of the cryptocurrency startup last November, the waterfront venue reversed its stance on FTX. After a liquidity crisis, the once-billion-dollar company FTX filed for bankruptcy, forcing founder Sam Bankman-Fried to step down as CEO.

Prosecutors claim that after further investigations, Bankman-Fried and other FTX employees exploited client accounts, damaging the reputation of the embattled firm and individuals connected to its crypto.

Miami-Dade County

The 31-year-old Bankman-Fried is being held at his parents’ Palo Alto, California, home under house arrest while out on a $250 million bail and out of custody pending trial.

The Miami Heat and Miami-Dade County cut ties with FTX the day the Bitcoin exchange filed for bankruptcy and started looking for a new naming rights partner. The venue’s new name is FTX Arena.

According to the announcement, Kaseya, which has its corporate headquarters in Miami, is the first local business to be awarded naming rights to the arena.

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