TSM today announced the immediate suspension of their $210 million 10-year-long partnership with the cryptocurrency exchange FTX a mere 17 months after it began. This follows a complete collapse of FTX, which filed for bankruptcy earlier this week.
You can read more about the collapse in our dedicated article released last week.
The organization released the following statement on Twitter:
After monitoring the evolving situation and discussing internally, we're suspending our partnership with FTX effective immediately. This means that FTX branding will no longer appear on any of our org, team and player social media profiles, and will also be removed from our player jerseys. This process may take some time to complete as some social platforms have made changes to their product features.
TSM is a strong, profitable and stable organization. We forecast profitability this year, next year and beyond. The current situation with FTX does not affect any part of TSM's operating plan, which was set earlier this year.
TSM have not yet made changes to their Twitter account due to the newly changed Twitter verification rules, but the name will not be used during next week's Six Jönköping Major.
Of particular interest to many is the final sentence of the statement, as there were worries that the fall in investment would hurt TSM's plans in Counter-Strike.
On Friday, Nov. 11, FURIA made a similar announcement, as the organization's co-owner stated in a TwitLonger the following (translated from Portuguese):
FURIA closely monitors the activities of all its partners, always attentive to the possibility of being able to contribute with them, but prioritizing our supporters, our fans!
The current case of our sponsor crypto exchange, which is in the global news, serves as an example. After a conversation with our contacts at the company, it was decided that FURIA will discontinue the FTX exhibition, removing the brand from all its spaces.
The goal is to prevent the current phase of the company from harming any fan.
FURIA continues to value our strong partners and promote them, however, always prioritizing our fans at any cost.
FURIA themselves had signed a $3.2 million sponsorship deal with FTX in Apr. 2022, which saw the FTX logo feature on the team's jerseys.