Esports organization TSM has announced that it is suspending its relationship with FTX, a leading cryptocurrency exchange that signed a $210 million sponsorship deal in 2021. The announcement comes just two days after TSM said it was "consulting with legal counsel (opens in new tab)" on how to proceed following the crypto company's sudden and spectacular bankruptcy.

"After monitoring the developing situation and discussing it internally, we are immediately suspending our partnership with FTX," TSM said in a statement. This means that the FTX brand name will no longer appear on the social media profiles of our organization, teams, and players." This process may take some time to complete as several social platforms are making changes to their product features."

TSM signed a 10-year, $210 million naming rights agreement with FTX in June 2021, resulting in the name change to TSM FTX. However, FTX was thrown into disarray in early November when an investigation into the company's financial condition triggered a flood of withdrawal requests totaling $6 billion in just three days.

TSM's website logo has already been changed to remove FTX, but Twitter's logo remains intact for now due to the social media company's ongoing confusion that has prevented at least some authenticated users from changing their names.

Forbes ranked TSM as the world's most valuable esports organization earlier this year, ironically part of its $540 million valuation stemmed from its deal with FTX. Despite this, the company said in a statement today that it remains a "strong, profitable and stable organization" and that the FTX disruption will not affect its business plans.

TSM is not the only sports organization to sever ties with FTX in the past week: Furia, a Brazilian esports organization that signed a one-year contract worth $3.2 million with FTX in April, terminated its contract on November 11, and the National Basketball Association's Miami Heat (open in new tab) also terminated its contract; the NBA's Golden State Warriors followed suit a few days later.