Future of FTX Arena is uncertain after crypto company goes bankrupt (includes video story)

CEO of crypto company FTX Trading Limited Sam Bankman-Fried resigned as the company filed for bankruptcy. He released an apology statement on Twitter, but the apology has not settled national concern about what will happen to Miami’s FTX Arena.

“Without proper oversight of cryptocurrencies, they risk harming everyday Americans,” said White House Press Secretary Karine Jean-Pierre. “But the most recent news further underscores these concerns and highlights why prudent regulation of cryptocurrencies is indeed needed.”

The scandal is now under investigation by the Justice Department and the federal Securities and Exchange Commission. Even the Bahamian headquarters where Bankman primarily worked is being probed.

After the cryptocurrency leader, once worth $32 billion, declared bankruptcy, Miami-Dade County ended its sponsorship deal with FTX, along with the deal giving the company naming rights to the arena.

The arena now needs a new sponsor and name.

After beating the Phoenix Suns last night, the Heat, now 7-7, leaves its troubles at home and hits the road tomorrow to play the Toronto Raptors.

Anya Joseph is a digital broadcasting major with a passion for athletics. Enjoys travel and marketing. Looks to pursue sports journalism and sports psychology. Her goal is to work as a production assistant and sideline reporter telling the stories behind the brand.