Riot Games Files Motion to End Deal with FTX

Riot Games, the company behind such titles as League of Legends and Valorant, has filed a motion to end its deal with cryptocurrency company FTX following the epic collapse of the market, and FTX folding.

According to researcher Molly White via Twitter, the company attributed the decision to FTX’s filing for bankruptcy.

“There is simply no way for FTX to cure the reputational harm already caused to Riot as a result of the highly public disrepute wrought by the debacle preceding FTX’s bankruptcy filing. FTX cannot turn back the clock and undo the damage inflicted on Riot in the wake of its collapse,” Riot Games said, reportedly.

The two sides initially partnered up via an advertising deal in 2021 which would see Riot Games promote FTX’s brand in connection with its esports circuit, the League of Legends Championship series.

FTX owed Riot $12.5 million but so far has only covered $6.2 million of that balance during 2022, and in 2023 FTX would need to pay $12,875,000, with payments continuing to grow until the year 2028.

Riot Games also noted their criticism of the fall of FTX and arrest of FTX founder Sam Bankman-Fried as among the reasons that they decided to end the deal.