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TSM and LCS major sponsor FTX crypto exchange announce bankrupcy

Cryptocurrency exchange FTX announced bankruptcy shortly after Binance exited the merging deal between the two. This news will have a negative effect on FTX's partners. In esports, the most known are the NA LCS league, TSM, and FURIA.

TSM signed a 10-year naming deal worth $210 mln with FTX in 2021, the same year the crypto exchange became partners with LCS. FURIA received $3.2 mln in funding. Considering these weren't one-time payments, this might affect their financial situation.

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Lately, FTX has been struggling with withdrawal requests. The exchange could've been saved by Binance through a merging deal. If this happened, it would accumulate most of the market in their hands, but the latest corporate due diligence and US agency investigations resulted in Binance exiting the merger.

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Cover: TSM



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