miami is The hotbed of the virtual currency boombut now it’s giving the original king the F-word.
“F— SBF” and “Where is my money Sam” will be lit up alongside Miami’s FTX Arena (home of the NBA’s Miami Heat) just after midnight on January 1, 2023, according to an Instagram post. I was. From director and documentary producer Billy Coben.
“The words were projected onto the side of the building at the FTX Arena in Miami just after midnight on NYE… #BecauseMiami‘” Coben wrote on Tuesday.
“SBF” is a popular acronym for Sam Bankman-Fried, former CEO of cryptocurrency companies FTX and Alameda Research, which collapsed due to liquidity issues and was ultimately accused of fraud this fall.
Bankman-Fried is arrested Surrendered to the United States in the Bahamas on December 12, confronting Charges including wire fraud and conspiracy to launder money.
He reportedly He plans to file a plea of not guilty in a Manhattan court on Tuesday.
However, the company’s name appears to be intertwined with the Miami arena known as American Airlines Arena from 1999 to 2021, and FTX Arena as of March 2021.
At the time of trading, FTX was a Crypto Golden Child. major league and the Washington Wizards, per NPR.
Related: Who Is FTX Founder Sam Bankman-Fried And What Did He Do? Everything You Need To Know About The Disgraced Crypto King
After FTX filed for bankruptcy, Miami-Dade County statement The Miami Heat said they were “ending” their relationship with FTX and moving to find a “new naming rights partner for the arena.” It’s been found WPLG.
New FTX CEO John J. Ray III, who will lead the group of companies through the bankruptcy process, said: called The company’s behavior is “old fashioned embezzlement.”
Two chief executives, former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang, pleaded guilty to fraud-related charges.
Related: Who is Caroline Ellison, a Stanford graduate and former CEO of Alameda Research?
The county also took more traditional legal action. On November 22, NPR said it filed a motion to terminate its contract with FTX, saying it needed to find another sponsor.
“There is a material default and the county has no choice but to seek the power of this court to immediately terminate the naming rights agreement.” motion reading.
A public hearing was reportedly held in mid-December to discuss the matter. The county did not immediately respond to a request for comment regarding an update on the incident.
Related: ‘very sorry. it’s the biggest one. Sam Bankman-Fried and his Cryptoworld lose heavily in his FTX meltdown and the company files for bankruptcy.
FTX has signed a $135 million deal over the stadium’s naming rights. After his $40 million portion of the Heat and his $5.2 million payment to Superlative Group, which negotiated the deal, the county was expected to receive about $90 million from his FTX. wall street journal.
The company has paid out more than $19 million to date. The cash, promised to prevent gun violence, was used for things including police equipment and funds for summer camps and sports clubs for children, the outlet added, citing public records.
FTX still owes the $5.5 million payment that was due on January 1st.
It is unknown how long the projection lasted or who was responsible.Arina didn’t react immediately entrepreneurrequest for comment.