According to The Block: During Sam Bankman-Fried's ongoing criminal trial, documents presented as evidence highlighted the significant sums collapsed cryptocurrency exchange FTX had agreed to pay in sponsorship deals. These include nearly $100 million to Riot Games, the creators of "League of Legends," $42 million to the Tomorrowland music festival, and $25 million to the Coachella music festival.
These details have come to light amidst the trial of ex-CEO Bankman-Fried, shedding more light on FTX's extravagant spending on promotional partnerships. Riot Games attempted to opt out of the multi-million dollar deal with FTX following the exchange's bankruptcy filing last year.
A spreadsheet detailing numerous sponsorship agreements FTX inked during the cryptocurrency bull run was submitted as evidence by prosecutors. Their aim is to establish patterns of catastrophic financial decision-making and imprudent expenditure by Bankman-Fried.
Earlier this week, former FTX insider Nishad Singh testified about his unease with Bankman-Fried's excessive approach to fiscal management. Bankman-Fried is currently being tried over criminal charges relating to the collapse of the cryptocurrency trading platform FTX which he was a co-founder of.
