LoL: Team Happily Closed $210M 10-Year Deal With Crypto Exchange – After 1 Year, It’s Up in Smoke

On November 17, 2022By Garmin Philip

The largest and most valuable team in League of Legends is Team SoloMid: The LoL team set new standards with a huge deal in June 2021: At that time, the team sold its name to the crypto exchange FTX for 210 million US dollars. But just one year later, the deal turns out to be a shambles. And even the crypto genius’ dedication to LoL is being questioned.

What was that deal back then? The deal between TSM and FTX will cause big eyes in June 2021. TSM shared a quirky story in a humorous video:

TSM boss Reginald reportedly met with FTX boss Sam Bankman-Fried and immediately became friends over a shared love of LoL and cryptocurrencies
In the private jet, the 2 worked out a deal: FTX wanted to pay $210 million over 10 years – TSM became FTX’s major advertising partner, even changing its name to “TSM FTX”. Ever since then, everywhere you saw TSM, you saw “FTX”
The deal was then sealed with a great video that made TSM the most valuable esports company in the world. The video is now set to “private”.

World’s Largest LoL Team Sells Names to Crypto Exchange for $210M – Riot Says Nope

Crypto exchange crumbles in the aftermath of a single message

This is how it looks now after a year: FTX has filed for bankruptcy after Sam Bankman-Fried’s entire empire crumbled after news broke that Sam Bankman-Fried held most of the cryptocurrency FTT through another company.

This triggered a catastrophic cascade of decisions, the market lost confidence in the crypto exchange, more and more investors withdrew their money. The value of the coin, the market value of the bank, and Sam Bankman-Fried’s assets – everything collapsed completely within days.

Ultimately, the crypto exchange even filed for bankruptcy.

A bombastic League of Legends video has now garnered 138 million views – showing just how huge LoL is

This is what TSM now says: In a statement dated November 16th, TSM the cooperation with FTX ended with immediate effect. TSM branding will be removed. The name was also dropped from the players’ jerseys.

But it says: TSM is doing well, it will be profitable in 2023 and beyond (via twitter).

Twitter laughs at alleged LoL nerd: “Even worse than AOC”

What are the side effects of the deal? Sam Bankan-Fried portrayed himself as an avid LoL player, transacting hundreds of millions of dollars in deals while playing LoL. But that is now being taken for a ride.

Meanwhile it turned out: Despite more than 1,000 games in League of Legends, Sam Bankman-Fried never got past Bronze II. That’s a very low rank in LoL.

The Financial Times researched the disgrace of the CEO. Even with his favorite heroes Zyra, Nasus, and Vayne, Bankman-Fried didn’t get above “mediocre to poor” winrates, according to the finance experts.

Twitter etches: Remember how investors were so excited about Sam Bankman-Fried playing LoL during meetings? Sam Bankman-Fried is even worse than [die Politikerin] Alexandria Ocasio Cortez!