While the many millions collapsed cryptocurrency exchange FTX agreed to shell out to celebrities like Tom Brady, Gisele Bündchen and Larry David has been news fodder for some time, there are dozens of other deals that it's now possible to examine in greater detail thanks to the ongoing criminal trial of former CEO Sam Bankman-Fried.
In one high-profile sponsorship deal, "League of Legends" creator Riot Games agreed to take nearly $100 million over seven years, a document entered into evidence showed. After FTX declared bankruptcy amid losing customers money, Riot Games began trying to get out of the deal late last year.
FTX also agreed to give the Tomorrowland music festival, an event frequented by top DJs like Solomun, about $42 million through 2026, the document also shows. The Coachella music festival held every year in southern California also inked a deal with FTX worth $25 million, according to the document.
Riot Games, Tomorrowland and Coachella did not immediately respond to requests for comment from The Block.
The spreadsheet detailing the dozens of sponsorship deals FTX had signed during crypto's bull run was entered into evidence by prosecutors on Monday and then made available in its entirety today. The prosecution has been trying to establish that Bankman-Fried demonstrated a pattern of behavior which included cataclysmic financial decisions and reckless spending.
Former FTX insider Nishad Singh testified on Monday that he took issue with Bankman-Fried's "excessive" approach to spending. Bankman-Fried is currently on trial for criminal charges related to the collapse of the cryptocurrency trading platform he co-founded.
source:theblock
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