Miami-Dade County, Miami Heat terminate relationship with FTX after collapse

Miami-Dade County and the NBA’s Miami Heat announced on Friday that they will terminate their relationships with cryptocurrency company FTX after its collapse.

“Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena,” the county and team wrote in a joint statement.

The Heat’s home arena in Miami is named FTX Arena, for the cryptocurrency exchange, which acquired the naming rights to the building in 2021, according to the NBA team.

FTX filed for bankruptcy and its CEO, Sam Bankman-Fried, stepped down on Friday amid the company’s financial collapse.

The company met its demise after lending $10 billion in user deposits to trading firm Alameda Research, which then lost the money.

Miami-Dade County and the Heat called the reports about FTX and its affiliates, likely including Alameda Research, “extremely disappointing.”

“We are proud of the impact our Peace & Prosperity Plan — sponsored by County Commissioner Keon Hardemon and funded through the original deal — is already having in preventing violence and creating opportunity for young people across Miami-Dade, and we look forward to identifying a new partner to continue funding these important programs in the years ahead,” the statement said.