Tales from the Crypt(ocurrency) at UC-Berkeley

You've heard about cryptocurrency, right? You know, ransoms, hidden drug deals, rampant speculation, evasion of U.S. financial regulation. So, what could possibly go wrong if UC-Berkeley - which has had major funding problems regarding its athletic programs - named its stadium - technically not the stadium but the field in the stadium - after a company that deals in cryptocurrency?

 From ABC7news (KGO):

Big news for Cal football fans - UC Berkeley has partnered with cryptocurrency company FTX for naming rights to their football field, marking the first ever cryptocurrency collegiate sponsorship deal in the nation. Cal Memorial Stadium is a gem, built on a fault line on a hillside above the UC Berkeley campus in 1923 as a memorial to Californians who sacrificed their lives in World War I. It was seismically renovated 10 years ago and now the name change.

To set the record straight it's the field that, starting Sept. 4 at the first home game, will be called FTX Field. The stadium itself will remain California Memorial Stadium. Cryptocurrency giant FTX is paying UC Berkeley $17.5 million in cryptocurrency for the naming rights. "That money will come straight to our athletic department bottom line and we'll use it to fund student athletes and our mission. FTX is one of the leading cryptocurrency companies in the world," said Joe Mulford, the chief revenue officer of UC Berkeley's Athletic Department.

Source: https://abc7news.com/amp/uc-berkeley-football-stadium-renamed-cal-memorial-ftx-cryptocurrency/10970254/.

You can read all about FTX and its CEO here:

https://finance.yahoo.com/news/ftx-ceo-sam-bankman-fried-profile-085444366.html.