Dec 21, 2022
FTX is facing more scrutiny related to its sports business ventures.
The Commodity Futures Trading Commission filed a lawsuit last week accusing the crypto exchange of combining its funds with sister fund Alameda Research.
“On information and belief, commingled funds, including FTX customer funds, were also furtively used by [CEO Sam] Bankman-Fried and FTX for extensive marketing and promotional expenses in the U.S.,” the lawsuit alleges.
Two of the expenses cited are FTX’s Super Bowl LVI commercial and naming rights to the Miami Heat’s arena.
It was previously reported that FTX paid $6.5 million for a 30-second Super Bowl ad spot.
FTX struck a 19-year, $135 million deal with Miami-Dade County in 2021 for the arena’s naming rights.
Source: Front Office Sports