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FTX files for bankruptcy, leaving sports sponsorships on brink

FTX Arena, home of the Miami Heat. (by Michael Reaves/Getty Images)

Beleaguered cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the United States, putting all the company's multiple global sports sponsorship deals in danger of collapse.

After a turbulent week, in which rival operator Binance pulled out of a rescue deal, FTX founder Sam Bankman-Fried has also stepped down as chief executive, with John Ray stepping into the role.

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