Miami Heat’s veteran Udonis Haslem reveals losing $15 million because of FTX collapse
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Udonis Haslem
Formerly at the top of the thriving digital market, FTX, a defunct bitcoin trading business, is no longer there. The Miami Heat’s arena had a naming rights agreement with FTX, and it appears that team captain Udonis Haslem also had a contract with the company. Haslem recently disclosed that his contract with the business failed earlier this year and cost him $15 million.
Speaking on the matter Udonis Haslem said, “I got gypped out of $15 million. That’s what my equity had grown to. He didn’t dupe me. I signed a contract with a company and that’s part of it. A lot of people got hurt, and that’s where I feel sad. I didn’t put no money in; I took it in equity.”
He added, “I feel bad for the people that were hurt and lost money and really got caught up in that foolishness. But at the end of the day, I came in pure. I did a lot for the city. I was able to give small-business loans, I was able to do a lot for my charities.”
Haslem served as FTX’s spokesperson and made appearances in ads that were shown at FTX Arena and during Heat broadcasts prior to the company’s demise. Sam Bankman-Fried, the founder of FTX who was detained earlier this month, is “not a good person,” according to Haslem, but he has made it plain that he doesn’t feel “ashamed for any engagement” in the now-defunct business.
Udonis Haslem’s earlier deals with FTX
Earlier in August this year, Veteran Miami Heat player Udonis Haslem presented prizes to the Minority Small Business Grant Initiative recipients. The Initiative was a collaboration between Haslem’s foundation and FTX US, the Heat’s cryptocurrency exchange partner, that was introduced in April 2022. According to the foundation’s website, the Initiative was created to “invest in and accelerate the growth of minority-owned small enterprises.”
The prizes, each worth $50,000, were given to Lil Greenhouse Grill, a restaurant in the storied Overtown district close to downtown Miami, and Kazmaleje, a company that sells hair care products. Haslem, a Miami native, played for Miami Senior High School and has played with the Heat for his entire 19-year career.
Haslem is a three-time NBA champion and the team’s all-time leader in rebounds. And while Haslem might have joined the Heat for a 20th season, his off-court pursuits include running a number of businesses and finding ways to give back to the neighborhood where he grew up and is still very much a part of.
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Abhivyakt Sharma
(270 Articles Published)