Crypto companies looking to cut sports spending

Cryptocurrency companies that "splurged heavily on sports deals last year" are "now looking to cut costs" amid this year’s downturn. Sources said that crypto exchange FTX "pulled out of talks to provide a jersey patch" to the Angels in recent weeks as the crypto market "tanked." The sources added that another patch deal between the Wizards and a crypto company "also recently fell through," with both deals being "nixed as the market crumbled." The Angels "declined to comment," while FTX and the Wizards did "not respond to requests for comment." The spending slump comes after large crypto exchanges "binged on sponsorship deals" in '21 in an effort to "woo sports fans." But despite the current turmoil, there is "no indication Crypto.com or FTX are currently looking to back out of their stadium naming rights deals" with the Lakers and Heat respectively. If either of the companies were looking to back out, they would "likely be forced to pay heavily" (N.Y. POST, 6/20).