With the crash of cryptocurrency exchange FTX, the naming-rights holder for the Heat arena, the franchise and Miami-Dade County released a joint statement on Friday, stating that it would “take action immediately to terminate” its business relationship with FTX.
The team plans to “seek a new naming rights partner” for Miami’s venue, per the statement. The news comes as FTX filed for Chapter 11 bankruptcy on Friday that included its CEO, 30-year-old Sam Bankman-Fried, resigning from the crypto industry giant. According to the Wall Street Journal, the U.S. Securities and Exchange Commission and Justice Department are also investigating the company.