League of Legends developers want to cut all ties with FTX (report)

Reportedly, Riot Games – an American company known for developing the League of Legends video game – has filed a request to terminate its partnership with FTX.

The collapsed crypto platform has caused “reputational damage” to the gaming company and owes it more than $6 million.

“FTX can’t turn back the clock”

Such as mentioned By GamesIndustry Riot Games is ready to finalize a multi-million dollar deal with bankrupt cryptocurrency exchange FTX. The gaming giant said the failure of its partners and the arrest of Sam Bankman-Fried (SBF) were the main reasons for canceling the partnership:

“There is simply no way for FTX to address the reputational damage already done to Riot as a result of the public shaming caused by the debacle that preceded FTX’s filing for bankruptcy. FTX cannot turn back the clock and undo the damage done to Riot in the wake of its collapse.”

Riot Games teamed up with FTX last summer and promised to put the platform’s logo on its marketing materials. For its part, the stock exchange was obliged to pay $12.5 million to the gaming company in 2022, but so far it has only distributed half of the amount.

Riot Games is most famous for developing League of Legends, which is commonly referred to as LoL. The video game has nearly 150 million active players, with SBF also being part of its ecosystem.

The 30-year-old American In a confrontation Backlash from the cryptocurrency community for playing the game during his stock market crash and then filing for bankruptcy.

Other companies have severed ties with FTX

The Mercedes AMG Petronas F1 Team suspended its partnership with the stock exchange shortly after the latter filed for bankruptcy protection. He removed the agency’s logo from cars driven by Lewis Hamilton and George Russell.

The legendary NBA team – Miami Heat – too Almost finished collaboration with the platform. The team plans to rename its home arena, which is still called FTX Arena:

“Miami-Dade County and the Miami Heat are taking immediate action to terminate our business relationship with FTX, and together we will work to find a new naming rights partner for the arena.”

Another giant in the NBA that has halted all marketing efforts related to FTX is the Golden State Warriors. Edwin Garrison – a resident of Oklahoma – sued the star of the big club – Steve Curry – and other celebrities, including Tom Brady, Naomi Osaka and David Ortiz. It was alleged that SBF used celebrities to promote its entity’s products and services, causing huge losses to inexperienced investors.

League of Legends developers at some point want to sever all ties with FTX (report) First time on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *