Miami-Dade County will quickly begin to eliminate FTX’s marketing brand name from the Miami Heat’s arena, after receiving consent Jan. 11 from a United States bankruptcy judge in Delaware, the Associated Press reports.

County officials worked out a $135 million deal with the crypto exchange in 2021 for naming the NBA arena “FTX Arena” until 2040. A number of entrances, the roof of the arena, the basketball court, the security golf shirt, as well as much of the cards that staff members utilize to access the center are branded with FTX logos.Following FTX’s personal bankruptcy filing, authorities in Miami-Dade on Nov. 22 submitted a movement to end the identifying rights contract. As part of that deal, the Heat were to receive $2 million yearly beginning in June 2021. Jan. 1 was the due date for the last payment, which ought to have been$5.5 million.Sport sponsorship offers were one of FTX’skey marketing strategies.

Among the collaborations consisted of a handle a Mercedes-backed Formula 1 international racing group, the identifying rights to Cal Memorial Stadium in Berkeley, California, along with recommendations from NFL quarterback Tom Brady. Related: FTX has recovered over $5B in money and liquid crypto: Report

Cast your vote now!Professional esports company Team SoloMid(TSM)also suspended a$210 million deal with FTX, Pandoraland reported. The collaboration occurred in June 2021 and resulted in the renaming of TSM to TSM FTX. In another hearing held by judge John

T. Dorsey, a lawyer representing the collapsed crypto exchange specified that FTX has”recovered$5 billion in money and liquid cryptocurrencies,”although its liabilities reach$8.8 billion.Furthermore, Judge Dorsey authorized a demand to keep the names of FTX’s customers secret for three months.Roughly 130 business in

FTX Group– consisting of FTX Trading, FTX US and Alameda Research– filed for insolvency in the United States on Nov. 11, following the crypto exchange’s”liquidity crunch” and significant collapse.