Miami-Dade county, which owns the arena where the Miami Heat play, wants a bankruptcy judge to let it end its $135 million contract with failed cryptocurrency company FTX so it can find a new sponsor.
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.
FTX already has paid Miami-Dade almost $20 million, and has a $5.5 million payment due in January. Under the deal's terms, a default on FTX's part would require the company to pay the county for three years. That amounts to $17 million, which the county is seeking in damages, according to the county's court filing.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX lawyer: 'Substantial amount' of assets has been stolenThe lawyers for FTX disclosed Tuesday that a “substantial amount' of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back.
Read more »
The individual FTX investors who can't get their money backStories from people who held cash or crypto on FTX's exchange in the U.S. are starting to emerge — and the picture looks grim.
Read more »
Someone's Converting Millions of the Stolen FTX Funds Into BitcoinThe hackers that stole hundreds of millions of dollars in crypto from the FTX exchange are now laundering that money into Bitcoin.
Read more »
Top-ranked market analyst says FTX just another ‘mania’Evercore ISI Senior Managing Director Mark Mahaney joins 'Mornings with Maria' to discuss the collapse of FTX and its impact to the crypto industry.
Read more »
Bankruptcy Lawyers Say FTX Was Operated by 'Inexperienced and Unsophisticated Individuals' – Bitcoin NewsThe FTX lawyer likened SBF’s crypto empire to his “personal fiefdom” and in the end, the attorney said, “the emperor had no clothes.”
Read more »
What Is a Crypto Exchange Token and How Did It Help Blow up FTX?The FTT exchange token was key to bringing down FTX, davidzmorris writes. But what are exchange tokens for – and are they a systemic risk to other crypto exchanges? Opinion for 'The Node' newsletter.
Read more »