LeBron James (L), Steph Curry (R), Tom Brady, and Kevin O’Leary are among the investors who lost billions in the FTX crypto collapse last week.
The cryptocurrency exchange filed chapter 11 bankruptcy protection on Friday.
The NBA’s Miami Heat announced it is terminating its contract with FTX and will remove the name from the Miami arena.
Miami-Dade County and Miami Heat released a joint statement on Friday saying they will work together to find a new naming rights partner for the arena.
The sports facility was renamed “FTX Arena” only last year after FTX offered a reported $135 million, 19-year deal to rename the arena.
FTX owes Miami $16.5 million after the cancellation of the naming rights.
Former FTX CEO Sam Bankman-Fried reportedly transferred $10 billion to another company he controls before filing for bankruptcy Friday.
BREAKING: FTX had a “backdoor” built into its accounting software by SBF, which he used to move billions without triggering alerts to other staff, auditors etc – Reuters
— Bitcoin Archive ??? (@BTC_Archive) November 12, 2022
Late Friday night, Twitter users observed massive amounts of cryptocurrency flowing from FTX wallets. Twitter users initially believed the exchange was being hacked by insiders.
Twitter CEO Elon Musk tweeted that the FTX exchange was being looted and ransacked “in real-time on Twitter.”
FTX meltdown/ransack being tracked in real-time on Twitter
— Elon Musk (@elonmusk) November 12, 2022
On Sunday, Bahamian investigators announced a probe into possible misconduct after Bahamian investors were allowed to withdraw $6 billion from the bankrupt FTX exchange in a matter of hours last week.
At the same time, investors around the world were locked out of their FTX wallets.
In a statement on Sunday, the Royal Bahamas Police said: “In light of the collapse of FTX, a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred.”
