The makers of League of Legends, Riot Games, plan to terminate their partnership with the cryptocurrency exchange company FTX. But this move was inevitable after the latest developments with the Bahamian crypto company. In November 2022, FTX founder Sam Bankman-Fried announced his crypto company went bankrupt and stepped down from his CEO seat. It was huge news, as FTX was the biggest cryptocurrency exchange after Binance.

Per TIME.com, the FTX founder Bankman-Fried was recently arrested on various alleged allegations like fraud, money laundering, and violation of finance laws. Undoubtedly, it was a tremendous blow to those major organizations with links to FTX, like NBA’s Miami Heat, F1’s Mercedes-AMG Petronas, and Riot Games.

Riot Games want to break ties with FTX

After the recent developments with FTX, they have received massive reputational damage, and it won’t be easy for them to reach the same heights again. But their poor reputation now also scares other organizations who had connections with them. So, they are trying to cut those ties, and Riot Games is one of them.

Trending

Restricted by NFL Contract, Simone Biles Reveals if Jonathan Owens Will Attend Paris Olympics 2024

April 17, 2024 09:03 PM EDT

Dale Jr Unmasks Teresa Earnhardt’s Refusal to Sell Him His Late Father’s Prized Possession That Forced Relocation Move

April 17, 2024 12:29 PM EDT

Shaq Makes Big Claim That Can End LeBron James’ Future With Lakers After Nuggets Series

April 17, 2024 06:48 PM EDT

Silencing Nike Chaos, Sha’Carri Richardson’s Historic Move With Sprite Puts Her in 96-Year-Old Inner Circle for Olympics

April 18, 2024 10:20 PM EDT

Kevin Harvick Reveals His Deliberately Reckless Move to See Out $228 Billion Sponsor

April 18, 2024 09:25 PM EDT

Get instantly notified of the hottest stories via Google! Click on Follow Us and Tap the Blue Star.

Follow Us

The American game developers signed a seven-year contract with FTX. According to the agreement, the cryptocurrency company sponsored the LCS 2022 for $12.5 million, but only paid half of the promised amount. Further, the sponsorship amount will rise every year according to the deal until 2028.

“How He This Old Getting Scammed by Crypto”: 42-Year-Old Miami Legend Getting Taken to the Cleaners in $15 Million FTX Fall Leaves NBA Twitter Perplexed

But Riot Games is not worrying about the money but only wants this association with FTX to end. Hence, the League of Legends developer has filed a case to terminate the remaining contract with the Bahamian crypto company at the Bankruptcy Court in Delaware.

League of Legends makers don’t want the association with Sam Bankman-Fried

No company would trust an organization whose founder is in prison for various allegations after his company went bankrupt. Further, the latest shocking revelation about Bankman-Fried’s poor management was using QuickBooks for accounting.

But another reason behind Riot Games not wanting to associate with Bankman-Fried is his passion for games. Many images went viral where the ex-FTX CEO was playing League of Legends during important meetings. Undoubtedly, it doesn’t create a great expression on others and would affect LoL’s reputation.

WATCH THIS STORY: MrBeast Stuns Many Famous Personalities after hitting 100 Million YouTube Subscribers

Riot Games are not wrong in trying to terminate its association with FTX. Do you think the American game-developing company should end this problematic association?