- Despite legal ramifications from previous sponsor FTX, the Warriors have named Coinbase as their new cryptocurrency partner.
- Coinbase remains embroiled in a year-and-a-half legal battle with the SEC.
The Golden State Warriors, six-time National Basketball Association champions, have announced a new partnership with Coinbase as their “Official Cryptocurrency Platform and Blockchain Partner.”
This is a significant re-entry into cryptocurrency sponsorship for the team considering its history of controversy.
Coinbase plans to work with the Warriors to promote merchandise and “exclusive fan experiences,” taking over the sponsorship role left vacant after the collapse of the Warriors' previous cryptocurrency partner, FTX.
Depending on the outcome of the ongoing battle with the Securities and Exchange Commission, this partnership could create even more undesirable problems for the team.
In June 2023, the SEC filed a lawsuit accusing the exchange of operating without registration and offering unregistered securities.
FTX Fallout
The Warriors are also still grappling with legal issues arising from the FTX fallout years later.
The franchise, along with MVP point guard Stephen Curry, are the subject of a series of lawsuits alleging they misled investors by promoting FTX as a safe investment platform.
In one case, a Canadian investor named Elliot Lamb sued the Warriors, FTX founder Sam Bankman Fried, and Alameda Research CEO Caroline Ellison, claiming that FTX's collapse cost him $750,000.
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Lamb's lawsuit alleges that the Warriors and their endorsers “reasonably should have known” that FTX's claims were deceptive.
After FTX's bankruptcy, other sports organizations such as Major League Baseball and the Miami Heat ended their partnerships with the defunct platform.
