North American organization TSM has ceased its partnership with cryptocurrency exchange FTX following liquidity chaos, it announced today.
In a statement, TSM said it will continue its operations as a “profitable” and “stable” esports organization regardless of the suspended partnership, which was worth $210 million in naming rights.
“We forecast profitability this year, next year, and beyond,” TSM said. “The current situation with FTX does not affect any part of TSM’s operating plan, which was set earlier this year.”
TSM is set to remove FTX from its name alongside jerseys, social media accounts, and all other forms of association with the company. But following Elon Musk’s takeover of Twitter and the subsequent changes to Twitter verification, the company is unable to remove FTX from its display name at this time.
FTX, known as one of the largest cryptocurrency exchanges in the world, has undergone financial turmoil following a bankruptcy filing last week, which has stalled at time of writing. Amid the public collapse, FTX’s logo on TSM’s Fortnite players’ jerseys was obscured with pieces of tape at a recent Fortnite tournament.
The former CEO of the failed crypto exchange, Sam Bankman-Fried, has said the company is looking to “make customers whole” after users have aired frustration over not receiving their crypto. It has been reported that customers of the platform may have to wait “years” while others may not get any funds back, according to CBS.
In June 2021, TSM entered into a naming rights partnership with the exchange that was set to last for 10 years.