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“I did not want FTX to be known as the Kansas City Royals of crypto exchanges.”

Said Sam Bankman-Fried, as reported by Inner City Press and the New York Times, on the stand testifying as he faces fraud charges over the collapse of his failed crypto exchange FTX.

He was explaining the advantage of marketing his exchange by buying stadium naming rights instead of Facebook or Google ads, and why he picked the Miami Heat’s arena over several others... and allegedly paid for the deal with FTX customer funds.


Update from J. Edward Moreno

[The New York Times]