The largest and most valuable team in League of Legends is Team SoloMid: With a huge deal in June 2021, the LoL team set new benchmarks: For 210 million US dollars, the team sold its name to the crypto exchange FTX. But just a year later, the deal proves to be a sham. And even the dedication of the crypto genius to LoL is called into question.
What a deal that was? The deal between TSM and FTX caught a lot of attention in June 2021. TSM told a quirky story in a humorous video:
- The head of TSM, Reginald, allegedly met with the head of FTX, Sam Bankman-Fried, and immediately bonded over their shared love for LoL and cryptocurrencies.
- In a private jet, the two hashed out a deal: FTX wanted to pay 210 million dollars over 10 years – TSM became the major advertising partner of FTX, even changing its name to “TSM FTX.” Since then, wherever you saw TSM, you also saw “FTX.”
- The deal was sealed with a fantastic video, making TSM the most valuable e-sports company in the world. The video has since been set to “private.”
Crypto exchange crumbles in the aftermath of a single message
This is what it looks like now after a year: FTX has filed for bankruptcy after the entire empire of Sam Bankman-Fried crumbled due to a message: A large part of the cryptocurrency FTT is held by Sam Bankman-Fried through another company.
This triggered a catastrophic cascade of decisions, the market lost confidence in the crypto exchange, and more and more investors withdrew their money. The value of the coin, the share price of the bank, as well as the fortune of Sam Bankman-Fried – everything collapsed completely within days.
Ultimately, the crypto exchange even filed for bankruptcy.
This is what TSM says now: TSM has terminated its partnership with FTX effective immediately in a statement from November 16. The branding of TSM will be removed. The name will also be removed from the players’ jerseys.
However, it is said that TSM is doing well, being profitable in 2023 and beyond (via twitter).
Twitter laughs at alleged LoL nerd: “Even worse than AOC”
What are the side aspects of the deal? Sam Bankman-Fried portrayed himself as an enthusiastic LoL player, handling deals worth several hundred million dollars while playing LoL. However, this is now being poked fun at.
In the meantime, it turned out that despite more than 1,000 games in League of Legends, Sam Bankman-Fried never got above Bronze II. That is a very low rank in LoL.
The embarrassment of the CEO has been researched by the Financial Times. Even with his favorite champions Zyra, Nasus, and Vayne, Bankman-Fried did not achieve “mediocre to poor” win rates, according to financial experts.
On Twitter, people joke: Do you remember how investors were so impressed that Sam Bankman-Fried was playing LoL during meetings? Sam Bankman-Fried is even worse than [the politician] Alexandria Ocasio-Cortez!
The politician, huge on social media, does not miss the chance and comments dryly on Twitter: What, businesspeople are impressed by Bronze III?
AOC had notably reached Silver III in 2020:
Politician explains how her hell in LoL helped her improve at work
