In the past week, the walls came down in the midst of cryptocurrency exchanges. The company filed for bankruptcy a day ago, leaving its future in question.
A popular team that has featured FTX prominently in their branding is TSM, who signed a 10-year deal with the currency worth around $100,000 back in 2021. The organization eventually released a statement outlining the situation and saying the team hadn’t had any insight into the matter, which is different than what’s happened publicly but is being closely followed.
TSM Statement on FTX pic.twitter.com/nbiCCnciNF : pic.twitter.com/nbiCCnciNF.
TSM FTX (@TSM) November 13, 2022
We are currently seeking an attorney to decide what is best to protect our teams, staff, fans and players. To be clear, TSM is built on a solid foundation. Stable and profitless, we continue to forecast what will happen in the coming year and beyond. We expect a good year 2023.
This company has been in the spotlight for a few days after FTX rival Binance rejected its decision to acquire the company due to the company’s due diligence. Binance said recent allegations, such as the US and mismanagement of client funds, put the issues beyond their control or ability to help.
Aside from TSM, FTX currently has partnerships with major esports organizations such as the LCS in North America, Nerd Street Gamers and the popular esports organization FURIA. It’s still unknown how FTX’s recent bankruptcy will affect ongoing operations, but expect organizations to go out of business, as the Miami Heat announced earlier today.
Updates 9:11 : So far, according to a post by Andre Akkari, co-founder of FURIA, FURIA has successfully ended its partnership with FTX.
https://game-news24.com/2022/11/12/tsm-claims-to-be-stable-and-profitable-despite-the-recent-debacle-of-the-ftx-in-a-new-statement/ TSM claims to be stable and profitable despite the recent debacle of the FTX in a new statement