Riot Games to end deal with FTX

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Updated December 20, 2022 | Published December 20, 2022

2 mins read

The company notes its affiliation with the insolvent firm is damaging its reputation.

The American video game developer behind League of Legends, Riot Games, has filed a motion to terminate its deal with the recently bankrupt cryptocurrency exchange FTX.

Alongside other factors, like harming Riot's “image and reputation”, the final decision was made following FTX filing for liquidation.

“There is simply no way for FTX to cure the reputational harm already caused to Riot as a result of the highly public disrepute wrought by the debacle preceding FTX's bankruptcy filing.

“FTX cannot turn back the clock and undo the damage inflicted on Riot in the wake of its collapse”, said Riot.

Originally entering the deal with FTX in 2021, Riot promoted the now crumbled company in connection with its esports circuit, the League of Legends Championship series.

As per the advertising contract, FTX was required to make a series of payments across seven years.

Now, in 2022, FTX still owes Riot $12.5m and has paid $6.2m of the remaining balance. By 2023 the company will need to pay $12,875,00.

As per court documentation, payments could continue to grow until 2028.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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