Esports organization Team SoloMid has been among those forced to take stock of the situation with former sponsor FTX and, after assuring fans and investors that it would not be affected by FTX’s collapse, TSM has officially cut ties with the crypto exchange company. As FTX continues along with the process of chapter 11 bankruptcy, many companies either directly or indirectly related to FTX have been forced to deal with the ripple effect of the crypto exchange’s collapse or make statements assuring investors of their status regarding the company. TSM has been partnered with FTX since 2021 and was prominent among them.
Team SoloMid made its official announcement regarding partnership with FTX in a statement posted to its official Twitter on November 16, 2022.
“After monitoring the evolving situation and discussing internally, we’re suspending our partnership with FTX effective immediately,” the statement reads. “This means that FTX branding will no longer appear on any of our org, team and player social media profiles, and will also be removed from our player jerseys. This process may take some time to complete as some social platforms have made changes to their product features.”
The statement goes on to reiterate what TSM conveyed in previous statements regarding FTX. The organization claims to be in a “strong, profitable, and stable” state in which it expects to be profitable in its current fiscal year and not be affected by FTX’s issues.
FTX announced it would be filing for chapter 11 bankruptcy last week after fellow crypto exchange Binance pulled out of a deal that would have aided the company following a collapse of valuation. Since then, other companies who had assets tied up in FTX have also found themselves in serious financial trouble. Meanwhile, groups like Immutable and GameStop have quickly moved to distance themselves from FTX or cut ties completely.
TSM has been around the esports block for a long time. It would have been quite unfortunate to see the long-standing organization fall victim in FTX’s collapse, but it looks like things will be fine for Team SoloMid for the time being. Stay tuned as we continue to follow new updates and details on FTX and those affected by its bankruptcy.