Miami-Dade County, stuck in a 19-year contract with FTX, seeks to rename its arena

TL;DR

Miami-Dade County, stuck in a 19-year contract with FTX, seeks to rename its arenaIn the wake of FTX's collapse, Miami-Dade County wants the logo of the now-bankrupt cryptocurrency exchange company removed from its sports arena, where the NBA's Miami Heat plays its home games.The county, which owns the arena, asked a federal judge to immediately end a 19-year, $135 million naming rights deal with FTX, in a motion filed Tuesday with the Delaware court where the FTX bankruptcy proceedings are taking place.FTX founder Sam Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission for allegedly mishandling customers' funds, much of which may have been funneled to Bankman-Fried's hedge fund, Alameda Research.After FTX filed for bankruptcy protection on Nov. 11, a judge issued a "stay" order that prevents any entity from acting against the company, which includes Miami-Dade's desired termination of its sponsorship agreement.Under Bankman-Fried, the Bahamas-based FTX quickly grew to become the third-largest cryptocurrency exchange, and recently was valued at some $30 billion."

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