FTX snatched thousands of dollars
FTX that went into bankruptcy and focused on restructuring, tried to recover the sponsorship fees and 21 million dollars from LayerZero.
FTX is at the forefront of the crypto currency market recently. FTX was declared bankrupt in November 2022 and went through a restructuring procedure and is now preparing to welcome the cryptocurrency market once more. This restructuring process has several elements.
FTX sought to recover the $21 million thrown away prior to bankruptcy in the restructuring plan. The company has filed a lawsuit with LayerZero Labs to recover the money back. FTX is also seeking reimbursement of sponsorship payments.
FTX seeks sponsorship proceeds
The crypto exchange FTX is also working to recover the amount that was paid to sponsors in the restructuring process. The exchange made money payments for sponsorships to Shaq, Naomi Osaka, David Ortiz and Miami Heat via sponsorship mix.
FTX explained the method used to make the payment process for sponsorship and marketing deals. The market also mentioned numbers and names.
The administration for the Stock Exchange has submitted new information for the judge. The report includes a number of sensational names in the report, ranging from world-renowned athletes to acknowledged sports organizations.
The list includes Shaquille O’Neal Naomi Osaka, David Ortiz, Trevor Lawrence, Miami Heat, Golden State Warriors and Coachella. Furthermore, Gamestop is among the businesses to which FTX offers sponsorships.
As per the news report FTX reported that FTX paid Shaquille O’Neal $750,000 tennis star Naomi Osaka $300,000, and former baseball player David Ortiz close to $270,000. Golden State Warriors, one of the sports clubs was paid the sum of 420 thousand dollars. it was transferred to Miami Heat was 250 thousand dollars.
