FTX logo removed from University of California football field
FTX filed for bankruptcy last week
With FTX filing for bankruptcy, sports teams that have partnered with the crypto exchange are now making serious changes.
The FTX logo has been removed from the University of California's football field in Berkeley.
A view of the field and the Cal logo in Memorial Stadium on the day of the 121st Big Game played between the California Golden Bears and the Stanford Cardinal Dec. 1, 2018, at the University of California in Berkeley, Calif. (David Madison/Getty Images / Getty Images)
The logo had been placed at both 25-yard lines. An outline can be seen on the turf.
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The field had been called FTX Field at California Memorial Stadium.
FTX filed for bankruptcy Friday after a week of tumult for the exchange and what has been the crypto equivalent of a bank run.
It was the third-largest cryptocurrency exchange in the world at the beginning of last week, and its CEO and founder, Sam Bankman-Fried, has resigned.
The day it filed for bankruptcy, the Miami Heat and Miami-Dade County announced they would be finding a new partner for the arena's naming rights. It had been named FTX Arena since last year.
HEAT TO RENAME HOME ARENA AFTER ENDING RELATIONSHIP WITH FTX
FTX got involved with many sports leagues and athletes. It had a deal with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball. Mercedes also said Friday it would remove all FTX logos from its Formula One cars. Tom Brady and Stephen Curry also had deals with the exchange.
Investors recently filed a class-action lawsuit against Bankman-Fried that names Brady, Curry, Shaquille O'Neal, Trevor Lawrence, David Ortiz, Shohei Ohtani and Naomi Osaka as defendants.
"The Deceptive and failed FTX Platform was based upon false representations and deceptive conduct," the lawsuit states. "Although many incriminating FTX emails and texts have already been destroyed, we located them and they evidence how FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments. As a result, American consumers collectively sustained over $11 billion dollars in damages."
Signage for the FTX Arena, where the Miami Heat play, is illuminated Nov. 12, 2022, in Miami. (AP Photo/Marta Lavandier, File / AP Newsroom)
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Bankman-Fried's net worth has reportedly plummeted from $30 billion to $15 billion.
Fox News' Greg Norman contributed to this report.