Jaxon Gaming News » LoL News » TSM cuts ties with crypto exchange FTX following its bankruptcy
LoL News

TSM cuts ties with crypto exchange FTX following its bankruptcy

TSM-FTX

With FTX recently collapsing and declaring bankruptcy, TSM announced it is suspending its partnership with the crypto exchange. The North American organization released a statement on Twitter, stating they are cutting ties with their naming rights sponsor.

TSM claims it’s not a biggie

Similarly to the statement they released a few days ago, TSM reassures the public that they are “profitable and stable.” Despite the biggest sponsorship deal in esports collapse, they claim that none of their operations are at risk, and forecast profitability in the present and the future

TSM and the second-largest cryptocurrency exchange in the World signed a whopping 10-year $210 million sponsorship deal in 2021, changing their brand to TSM FTX. However, TSM will now have to find another source to fund their League of Legends team’s tradition of throwing money at washed-up imports or poorly scouted players.

Source: Twitter: Sam Bankman-Fried/TSM FTX

TSM is traditionally very aggressive on the market once the League of Legends offseason comes around, yet they’ve been very quiet so far. Many LCS organizations are expected to cut budgets coming into 2023, and TSM seems to be one of them. They already released their entire 2022 Academy roster, despite performing better than some players on their main roster.

TSM removing FTX from their brand

TSM announced that FTX will stop being a part of their brand. They will remove it from all org, team, and player social media profiles, as well as their jerseys. Yet, due to the recent changes to Twitter verification following Elon Musks’ purchase of the platform, they will remain TSM FTX for a little while.

It has been a challenging year for the TSM brand and their CEO Andy “Reginald” Dinh. Alongside poor results and their main sponsor going bankrupt, the org had to withstand drama surrounding former players and “toxic workplace” allegations.

Hopefully, TSM will learn from their mistakes and goes on to have a prosperous and successful 2023. Yeah… Probably not.

Read Also
TSM say they’re fine despite losing $210 million FTX deal
Team SoloMid (TSM) released a statement on Twitter after their naming rights ...
TSM’s $210 million sponsorship deal is falling apart as FTX crumbles
In 2021, esports organization TSM signed a $210m sponsorship deal with the ...
Stake.us Promo
Sadokist removed from casting role at IEM Rio 2022 following incident
Legendary caster Matthew "Sadokist" Trivett was removed from IEM Rio 2022 yesterday ...
Post-TI11 Roster Shuffle: DuBu leaves TSM.FTX
The post-TI11 roster shuffler is officially underway with teams scrambling to assemble ...
Clayster becomes #1 Fall Guys earner following $100k tournament win
Call of Duty legend Clayster came out on top at the recent ...

21+ and present in VA. Gambling Problem? Call 1-800-GAMBLER.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.
Virginia Town Hall
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site