According to the report, long before the game was released, crypto companies had engaged in several ad slots that could last up to 60 seconds. One such company was FTX, but it reportedly backtracked after its controversial fall.
For those who don’t know, FTX suffered a horrific bankruptcy and its members are under criminal investigation after it was discovered that the cash trading company Alameda Research – owned by the same founder – had embezzled funds she had earned through her FTT holdings to facilitate other businesses. Once a leading force on the cusp of a crypto boom, the company instead lost billions of dollars almost overnight.
But FTX is apparently not alone: other crypto firms pulled out at midnight, SBJ reports. At the time of writing, it looks like the crypto ads will be a complete no-show. It’s hard to say exactly why without a shortlist of names, but some may attribute it to declining confidence in the space in general, feelings that were already simmering long before the FTX scandal came to light.
The crypto market has also been rather bearish lately due to concerns about the impact of anticipated regulatory handcuffs, not to mention the uncertainty surrounding the state of the global economy in general. However, there has been a promising rebound in the value of many top-tier assets in recent weeks, including 30-40% month-over-month recoveries for Ethereum and Bitcoin, both of which have suffered significant accidents due to unprecedented astronomical heights last year. .
