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The esports giant TSM FTX is suspending its blockbuster sponsorship deal with the collapsed cryptocurrency exchange and is dropping FTX from its name. <\/p>\n<\/div>\n
\u201cAfter monitoring the evolving situation and discussing internally, we\u2019re suspending our partnership with FTX effective immediately,\u201d TSM wrote on Twitter on Wednesday<\/a>. \u201cThis 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.\u201d <\/p>\n<\/div>\n Despite the change, TSM maintains that it will be okay without FTX\u2019s support. \u201cTSM is a strong, profitable and stable organization,\u201d it wrote. \u201cWe forecast profitability this year, next year and beyond. The current situation with FTX does not affect any part of TSM\u2019s operating plan, which was set earlier this year.\u201d<\/p>\n<\/div>\n TSM isn\u2019t the only big brand distancing itself from FTX. The NBA\u2019s Miami Heat used to play in the FTX Arena, but the team is now on the hunt for a new naming rights partner<\/a>. Mercedes\u2019 Formula 1 team has suspended its deal with FTX as well, meaning the logo will be removed from the team\u2019s car<\/a>. FTX also signed a seven-year sponsorship deal in 2021 with the League Championship Series<\/a>, the professional League of Legends<\/em> circuit where TSM competes. Riot Games hasn\u2019t replied to a request for comment on the status of that deal.<\/p>\n<\/div>\n