FTX files for bankruptcy, leaving TSM\u2019s expansion plans in doubt TSMCryptocurrency exchange FTX, which penned a naming rights deal with TSM in 2021, has filed for bankruptcy protection in the United States. In a statement on Twitter, FTX said that the company\u2019s founder, Sam Bankman-Fried, had resigned as CEO, though he will remain \u201cto assist in an orderly transition\u201d. John J. Ray III has been named the new CEO. The announcement came after a week of turmoil for FTX, widely regarded as one of the safest companies in the volatile crypto industry. At the time of writing, it has fallen from being the second-largest crypto exchange to 96th, according to CoinMarketCap. \u201cI\u2019m really sorry, again, that we ended up here,\u201d Mr. Bankman-Fried wrote on Twitter. \u201cHopefully things can find a way to recover. Hopefully, this can bring some amount of transparency, trust, and governance to them.\u201d On November 8, Binance, the world\u2019s largest crypto exchange, signed a non-binding letter of intent to acquire FTX and help cover the company\u2019s liquidity crunch. But just a day later, it announced that it was walking away from the deal after reviewing FTX\u2019s financial documents. \u201cIn the beginning, our hope was to be able to support FTX\u2019s customers to provide liquidity, but the issues are beyond our control or ability to help,\u201d Binance said. FTX\u2019s collapse could have a significant impact on a number of esports companies, especially TSM, with which it signed in 2021 a ten-year naming rights deal worth $210 million. The agreement was described as the \u201clargest in esports history\u201d by TSM, which became known as \u201cTSM FTX\u201d. When announcing the partnership with FTX in June 2021, TSM said that it would invest resources \u201cinto esports and gaming over the next five years\u201d. One of the organization\u2019s targets was to \u201caccelerate existing global reach\u201d by opening several offices across the planet, including in Asia, Europe and South America. In October 2022, Dominic Kallas, Vice President of Esports at TSM, announced that the organization was returning to CS:GO in 2023, more than five years after leaving the esport. In a subsequent interview with Dexerto, Kallas said that the move was part of TSM\u2019s expansion plans as it looks to build \u201ca strong footprint within Europe\u201d. It remains unclear whether those plans are still viable following FTX\u2019s downfall. Marty Conway, an adjunct professor of sports management at Georgetown University, told The New York Times that if FTX misses payments, teams and organizations that are partnered with the crypto exchange might resort to litigation. TSM did not immediately respond to requests for comment. In August 2021, FTX also became the official cryptocurrency exchange of the League of Legends Championship Series (LCS) in a seven-year deal. Earlier this year, it signed a one-year sponsorship agreement worth $3.2 million with Brazilian organization FURIA.<\/p>\n","protected":false},"excerpt":{"rendered":"
FTX files for bankruptcy, leaving TSM\u2019s expansion plans in doubt TSMCryptocurrency exchange FTX, which penned a naming rights deal with TSM in 2021, has filed for bankruptcy protection in the United States. In a statement on Twitter, FTX said that the company\u2019s founder, Sam Bankman-Fried, had resigned as CEO, though he will remain \u201cto assist […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21875","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/21875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/comments?post=21875"}],"version-history":[{"count":0,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/21875\/revisions"}],"wp:attachment":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/media?parent=21875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/categories?post=21875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/tags?post=21875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}