Riot Games says Sam Bankman-Fried's association with the game is hurting its image. Riot Games wants the court to end its sponsorship deal with the collapsedcryptocurrencies exchange because of irreversible damage.
Following the fall of FTX, Bankman-Fried became famous for playing League of Legend and other games during meetings. In a now- deleted profile of Bankman-Fried posted by a venture capital firm, the co- founder says he was playing League of Legends during their first meeting.
Even though he is bad at the game, the former billionaire is still interested in it. He wrote about playing League more than you would expect from a person who trades off sleep and work. What's the reason? There is an obvious answer. Everyone who plays the game says they wish they didn't.
Riot Games, which sponsors the LCS circuit, announced a seven-year deal with FTX. Riot Games is looking to sever any remaining ties with the exchange, which it says is inextricably tied to the image and reputation of its customers.
The filing states that Mr. Bankman-Fried's cavalier attitude towards investor meetings and irresponsibility with corporate funds were described. The images made a public narrative out of Mr. Bankman-Fried's interest in League of Legends.
FTX still owes Riot Games $6.25 million for the time it spent as an LCS sponsor, but that will increase to $12.825 million next year. The total value of the deal is up to 96 million dollars. Riot wants to end the deal now so it can replace FTX with another sponsor for the next season.
The filing states that the damage done to Riot can't be undone. FTX can't go back in time and put in place controls for the safekeeping of customer funds that have gone missing.
FTX sponsors dropped the exchange's branding after it collapsed. While the Miami Heat are searching for a new sponsor for their FTX Arena, a professional esports group stripped the name "FTX" from it's name last month. FTX's logo was taken off of its vehicles by the Mercedes' Formula 1 team.
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