United

Dollars

Millions

Terra

<ul> 
 <li>In order to promote FTX, money was given to athletes and leagues.</li> 
 <li>Experts are looking into whether or not payments were properly made to the athletes.</li> 
</ul> 
The new <a href="https://thenewscrypto.com/exchange-news-token-transfers-by-insolvent-ftx-raises-questions-amid-uncertainty/" target="_blank" rel="noopener noreferrer nofollow">FTX</a> administration has consulted with financial experts to determine whether or not it is possible to recoup the millions of dollars that were distributed to athletes, teams, and organizations for promoting the defunct cryptocurrency exchange. 
Moreover, according to court documents cited by Bloomberg, experts are looking into whether or not payments were properly made to athletes like former NBA star Shaquille O’Neal and tennis pro Naomi Osaka in the days leading up to the Chapter 11 filing. 
One of the major cryptocurrency exchanges, FTX, filed for bankruptcy in the United States in November 2022. Sam Bankman-Fried (<a href="https://thenewscrypto.com/exchange-news-ftx-founder-sbf-seeks-partial-jail-release-for-defense-preparation/" target="_blank" rel="noopener noreferrer nofollow">SBF</a>), the company’s founder and former CEO, is due to stand trial in October on fraud and other allegations. 
<h3 class="wp-block-heading" id="h-eyeing-millions-of-dollars">Eyeing Millions of Dollars</h3> 
In order to raise awareness of the crypto exchange, money was given to athletes and sports leagues. Also, many of them, the advisors claim, were upfront costs for things like advertising or sponsorship partnerships with groups like MLB or NBA franchises. 
FTX cautioned that the advisors’ declarations may be incomplete, but they still reveal that around $4.9 million was sent to MLB, another $12.2 million was tied to collaboration agreements with Formula 1 racing club Mercedes-AMG Petronas, and $3.4 million was paid to the NBA’s <a href="https://www.nba.com/warriors/" target="_blank" rel="noopener noreferrer nofollow">Golden State Warriors</a>. 
A $2.5 million payment was made by an FTX subsidiary to an O’Neal-affiliated entity of Authentic Brands Group in August 2022. This was part of a $4.3 million payout to Shaq and his business. Osaka allegedly received $2 million in early November, bringing her total earnings from partnership and endorsement arrangements to roughly $3.2 million. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/terra-luna-classic-considers-deposit-increase-to-combat-spam-proposals/" target="_blank" rel="noopener noreferrer nofollow">Terra Luna Classic Considers Deposit Increase to Combat Spam Proposals</a>

Insolvent FTX Eyes Funds Recovery Paid to Athletes and Leagues

Table of Contents

TheNewsCrypto

Other articles published on Sep 10, 2023

Bitcoin Price Prediction as Daily Trading Volume Falls Below $5 Billion – What's Going On?

Cardano Catalyst Being Heavily Manipulated, Here's How

How New Crypto Accounting Rules Fuel Bitcoin’s Institutional Adoption Ahead Of BTC Halving Event?

Ethereum Founder Vitalik Buterin Falls Victim to Twitter Hack – Beware of Shared Links

Terra Luna Classic Considers Deposit Increase to Combat Spam Proposals

IonQ (IONQ Stock): One Of The Disruptive Tech Stocks to Consider

Join our free newsletter for daily crypto updates!