TSM FTX is dropping FTX following the cryptocurrency exchange’s collapse

The esports giant TSM FTX is suspending its blockbuster sponsorship deal with the collapsed cryptocurrency exchange and is dropping FTX from its name.

“After monitoring the evolving situation and discussing internally, we’re suspending our partnership with FTX effective immediately,” TSM wrote on Twitter on Wednesday. “This 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.”

Despite the change, TSM maintains that it will be okay without FTX’s support. “TSM is a strong, profitable and stable organization,” it wrote. “We forecast profitability this year, next year and beyond. The current situation with FTX does not affect any part of TSM’s operating plan, which was set earlier this year.”

TSM isn’t the only big brand distancing itself from FTX. The NBA’s Miami Heat used to play in the FTX Arena, but the team is now on the hunt for a new naming rights partner. Mercedes’ Formula 1 team has suspended its deal with FTX as well, meaning the logo will be removed from the team’s car. FTX also signed a seven-year sponsorship deal in 2021 with the League Championship Series, the professional League of Legends circuit where TSM competes. Riot Games hasn’t replied to a request for comment on the status of that deal.