After FTX filed for bankruptcy on Friday, the Miami Heat's home arena will no

longer have the name of the cryptocurrency exchange. The basketball team

announced it was seeking for a new naming sponsor for the structure.

A corporation that was once the darling of the cryptocurrency industry

 FTX and roughly 130 of its companies abruptly fell from

 glory when they voluntarily filed for bankruptcy.

For $135 million over 19 years, FTX purchased the

naming rights to the Bayside Arena in March 2021.