Forgot password
Enter the email address you used when you joined and we'll send you instructions to reset your password.
If you used Apple or Google to create your account, this process will create a password for your existing account.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Reset password instructions sent. If you have an account with us, you will receive an email within a few minutes.
Something went wrong. Try again or contact support if the problem persists.
Photo via Riot Games

LCS, TSM sponsor FTX files for bankruptcy

The saga continues for FTX.

With rumors swirling around the uneasy future of cryptocurrency, a large company with major stakes in the League of Legends esports scene has gone belly up.

Recommended Videos

FTX, a cryptocurrency exchange that holds significant deals with the LCS and esports organization TSM, is filing for bankruptcy, the company announced today. This comes after the company was nearly acquired by cryptocurrency exchange Binance earlier this week before FTX’s rivals decided to pull out of the deal due to several notable problems with the company.

After news reports were released regarding mishandled customer funds and alleged investigations by American agencies, Binance balked at the acquisition. Originally, the company wanted to help FTX’s customers find liquidity, “but the issues are beyond [its] control or ability to help.”

Related: Binance backs out of plans to acquire TSM sponsor FTX, casting further doubt on future of partnership

Additionally, FTX’s founder Sam Bankman-Fried has resigned from his role as CEO. John J. Ray III has been appointed as the new CEO and will lead the company as it continues into its next steps of recovering as much as possible for its shareholders and customers.

It’s also unknown how this will affect FTX’s $210 million deal with TSM or its current deal with the LCS. For example, the esports organization and its players still have the company’s name in their social media handles, along with being featured on team jerseys and various marketing.

The deal with TSM was supposed to last for 10 years, but this new development could cause a spiral of problems. In a similar vein, FTX inked a seven-year deal with the LCS in 2021 and had the company’s name said whenever a team had a gold advantage in matches.

Dot Esports is supported by our audience. When you purchase through links on our site, we may earn a small affiliate commission. Learn more about our Affiliate Policy
Image of Tyler Esguerra
Tyler Esguerra
Lead League of Legends writer for Dot Esports. Forever an LCS supporter, AD carry main, with more than five years in the industry. Sometimes I like clicking heads in Call of Duty or VALORANT. Creator of the Critical Strike Podcast.