The Miami Heat’s home arena, formerly known as FTX Arena, has been renamed Kaseya Center following the collapse of the cryptocurrency exchange last November. Kaseya acquired the naming rights in a $117 million deal, which comes into immediate effect. The arena’s about-face from FTX comes after the exchange collapsed into bankruptcy following a liquidity crisis, leading prosecutors to allege that founder Sam Bankman-Fried and others at FTX misused customer accounts. Bankman-Fried is currently out of jail on a $250 million bond, awaiting trial under house arrest at his parents’ home in Palo Alto, California. The Miami Heat and Miami-Dade County ended their relationship with FTX and began searching for a new naming rights partner the day the cryptocurrency exchange filed for bankruptcy. The arena was renamed FTX Arena in 2021 after the company reportedly entered a $135 million, 19-year deal. Kaseya is headquartered in Miami and is the first local company to receive naming rights to the arena, according to the statement.