League of Legends asks the court to disqualify FTX from serving as a cryptocurre

Sam Bankman-Fried was the target of various jabs in a motion submitted by Riot Games.

Riot Games has filed a legal move to try to discontinue FTX’s sponsorship of its League of Legends Championship Series in an effort to sever its relationship with the disgraced cryptocurrency exchange.

On Friday, Riot submitted a motion to the bankruptcy court, requesting to terminate the seven-year sponsorship agreement it had last summer with FTX (via Engadget).
According to Riot, FTX still owes half of the $12.5 million it pledged to pay as part of the arrangement for including FTX branding at LCS events, as was discovered by crypto-skeptic and developer of “Web3 is Going Just Great,” Molly White

However, this is not all.
The annual payment was anticipated to rise throughout the course of the seven-year sponsorship agreement, with the first quarterly payment for 2023 scheduled to arrive on January 2. Riot claims that FTX will now owe additional millions.
Given that FTX is in bankruptcy proceedings and that Sam Bankman-Fried, the company’s founder and former CEO, is sought after in the US on suspicion of fraud and money laundering, it is extremely doubtful that this would be paid.

Source https://alltechnews.info/riot-games-league-of-legends-requests-that-the-court-strike-down-ftx-as-a-cryptocurrency-sponsor/

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