Miami’s star turn in the crypto boom now has an iconic bust: the Heat’s FTX Arena

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Miami Herald

MIAMI — FTX founder Sam Bankman-Fried got a thumbs up from Miami Mayor Francis Suarez during a joint appearance last year when an interviewer asked the 29-year-old mogul if a crypto company approaching a $25 billion valuation really had the financial staying power to fund the full 19 years on its $130 million sponsorship deal for the city’s basketball arena. “It’s been a pretty good year for us, to the point that, frankly, we don’t need to rely on the other 18 years to have the funds for this,” Bankman-Fried said during the May 7 event at the 2021 Ethereal Virtual Summit. Bankman-Fried describ…

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