Sam Bankman-Fried's FTX is searching for a lifeline for the crypto exchange amid a liquidity crisis. It's a steep fall for a company that at its height boasted high-profile sponsorhip deals with A-list names. FTX Token ( FTT-USD ) has been in freefall since Binance said it would dump its FTX Token ( FTT-USD ) holdings after questions were raised over finances at Fried's hedge fund Alameda Research. Fried reportedly warned investors that FTX could face potential bankruptcy unless it can raise more funds . The aftermath saw bitcoin ( BTC-USD ) spiraling to as low as $15.8K on Wednesday. It is paring some losses today after a tame inflation report. FTX Token ( FTT-USD ) market cap has shed over $2.6B since Nov. 7 to end at $306M on Nov. 9. Its current market cap stands at ~$508M, data from CoinMarketCap showed . FTX has boasted of multiple high-level partnerships , ranging from brand endorsements to being the official crypto platform for certain sports teams. In 2021, FTX announced a long-term partnership with Major League Baseball, the first of its kind for a crypto exchange. The deal made FTX the official crypto platform of the league and the MLB's first-ever umpire uniform patch partner. The exchange went on to makes deals with sports celebrities to become brand ambassadors, including legendary QB Tom Brady , four-time Grand Slam tennis champion Naomi Osaka , former NBA star Shaquille O'Neal and current sharpshooter Steph Curry , all of whom were at one point or still are shareholders of FTX. The exchange also touted partnerships with F1 team Mercedes-AMG Petronas as well as the Golden State Warriors and the Miami Heat , who play at the FTX Arena. Non-sports brand ambassadors include supermodel Gisele Bundchen and entrepreneur Kevin O'Leary . The above individuals and teams have not responded to Seeking Alpha's requests for comment.
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