Riot Games’ Lucrative Deal with FTX
It’s no secret that the former CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, splurged on high-profile endorsements. However, recent revelations from his ongoing criminal trial have shed light on the company’s myriad sponsorship deals. One of the most significant revelations is the whopping $100 million agreement with “League of Legends” creator, Riot Games, spanning seven years. Following FTX’s unfortunate bankruptcy and consequent financial mishaps affecting its users, Riot Games started reevaluating their involvement last year.
Other Noteworthy Sponsorships
But Riot Games wasn’t the only company to enter into a hefty agreement with FTX. The Tomorrowland music festival, renowned for featuring world-class DJs like Solomun, was set to receive around $42 million by 2026. Not to be left out, the iconic Coachella music festival located in southern California also secured a deal with the crypto exchange, estimated at $25 million.
Evidence Provides a Deep Dive
On Monday, the court was presented with an exhaustive spreadsheet that outlines all the sponsorship contracts FTX committed to during the cryptocurrency boom. This document, which was promptly made public, has been a crucial tool for the prosecution. Their goal? To pinpoint and prove Bankman-Fried’s alleged pattern of imprudent financial decisions and wasteful expenditures.
Insider Testimony Adds Fuel to the Fire
Nishad Singh, a former FTX affiliate, took the stand on Monday, providing a critical perspective. Singh highlighted his concerns with Bankman-Fried’s overly liberal spending habits. Currently, the trial is centered around the criminal allegations against Bankman-Fried due to the downfall of the crypto platform he had a hand in founding.
