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<ul><li>Atletico Madrid sues WhaleFin for failing to honor a €40 million sponsorship deal.</li><li>The club has dropped a 5-year sponsorship deal following failure to meet payment obligations.</li><li>WhaleFin parent company Amber Group terminated a $25 million deal with Chelsea FC amid a crypto market downturn.</li></ul>Atletico Madrid, a renowned Spanish football club, has <a href="https://t.co/rIBTjQPcZI" rel="noopener noreferrer nofollow">initiated legal proceedings</a> against WhaleFin, a Singapore-based cryptocurrency exchange, for an alleged breach of a sponsorship agreement. The conflict arises from a five-year sponsorship deal that Atletico Madrid entered into with WhaleFin ahead of the 2022/23 season.The agreement, which was significant for both the sports and crypto industries, has now become a point of contention, with Atletico Madrid claiming WhaleFin failed to meet its payment obligations of €40 million ($44 million). The club is seeking €20 million ($22 million) in compensation for this breach.The legal action taken by Atletico Madrid against WhaleFin is part of a broader narrative of challenges and uncertainties facing cryptocurrency sponsorships in football. WhaleFin&#39;s parent company, Amber Group, also faced difficulties in this arena. According to a <a href="https://www.bloomberg.com/news/articles/2022-12-09/crypto-s-amber-to-end-chelsea-sponsorship-axe-over-40-of-jobs-in-ftx-fallout?leadSource&#61;uverify%20wall" rel="noopener noreferrer nofollow">Bloomberg report</a>, Amber Group terminated a $25 million sponsorship deal with Chelsea FC.This deal announced only seven months prior, involved showcasing the WhaleFin trading platform logo on Chelsea&#39;s team shirts for the 2022/2023 season. The decision to cut ties with Chelsea and reduce its workforce came amid a <a href="https://cryptotale.org/crypto-fundraising-market-continues-to-decrease-amid-bear-market/" rel="noopener noreferrer nofollow">downturn</a> in the crypto market, which saw the <a href="https://cryptotale.org/ftx-collapse-forces-genesis-crypto-lending-arm-to-suspend-withdrawal/" rel="noopener noreferrer nofollow">collapse</a> of major firms like FTX, BlockFi, and Celsius Network.Read full article at <a href="https://cryptotale.org/atletico-madrid-sues-whalefin-in-major-crypto-sponsorship-dispute/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Atletico Madrid Sues WhaleFin in Major Crypto Sponsorship Dispute

CryptoTale

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