Back in March of 2021, the Miami Heat made the bold decision to rename their arena as FTX Arena. This was after the Miami-Dade county struck a deal with cryptocurrency giant FTX.com to get naming rights for the arena. At the time, the move was met by trepidation by some: after all, the crypto business was a rather volatile market.

Now, it seems like the Heat's partnership with FTX might come to an abrupt end, including the name FTX Arena. The crypto giant was in the midst of a big slump in the last few days. Now, the FTX company has officially filed for bankruptcy.

How does this impact the Heat and their FTX.com Arena? Well, the naming deal between Miami-Dade County and FTX.com was supposed to last for 19 years, with the latter paying the city around $7.1 million, according to Sportico. With the news of the company going bankrupt, the county is gearing up for a potential legal battle regarding their deal with FTX.

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“The mayor’s office said in a statement that the county was “currently reviewing and gathering information” about FTX’s future, and that it was prepared to take legal action if the contract terms aren’t fulfilled. Representatives for FTX and the county board didn’t respond to requests for comment. ”

The Heat are not the only team in the NBA with ties to a cryptocurrency company. The Los Angeles Lakers have a similar deal with Crypto.com to name their arena. With the crypto market experiencing a crash over the last few months, it's fair to wonder if the Crypto.com Arena will follow the same fate.