FTX’s sponsorship of top-tier racing team Mercedes, signed in September 2021, meant that its branding decorated the shirts, hats and other merchandise that the racing team sold throughout 2022. Fans have continued to wear the accessories they bought a year ago.
The longevity of brand marketing is a scary reality for those who took money from crypto sponsors when the market was at its height, with Mercedes only one of several major franchises to be weathering such a storm. A five-year sponsorship deal by Terra, the project behind tokens TerraUSD and Luna which spiraled to a $40 billion collapse in May of last year, continued to plague the Washington Nationals baseball team during the 2023 season.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn