NBA's Miami Heat sheds FTX from its arena's name

The home arena for the NBA's Miami Heat is getting rid of "FTX" in its name, months after the bankrupt cryptocurrency exchange's fall from grace.

NBA's Miami Heat sheds FTX from its arena's name

CNN New York --

Months after the collapse of cryptocurrency exchange FTX, the Miami Heat's home arena is getting rid FTX from its name.

Kaseya, a security software company, purchased the naming rights to the formerly called FTX Arena in a $117million deal.

The new name Kaseya Center takes effect immediately

"The collapse of our former partner surprised everyone but, in conjunction avec Miami-Dade County we worked efficiently, incredibly quickly, to fill our name rights vacancy with Kaseya," Eric Woolworth, president and CEO of the Miami Heat's business operations said in a statement.

After the collapse of crypto firm FTX last November, the waterfront arena has made a dramatic change. FTX, once worth billions, was bankrupted by a liquidity crisis. The founder Sam Bankman-Fried had to resign as CEO.

During subsequent investigations, prosecutors found that Bankman-Fried and other employees at FTX had misused customer accounts. This tarnished the company's reputation and the reputation of those who were associated with it.

Bankman-Fried, 31, is currently out of prison on a $250million bond and is awaiting his trial under house arrest at the home of his parents in Palo Alto.

After the bankruptcy filing of FTX, the Miami Heat and Miami-Dade County broke their relationship with FTX. They began searching for a new naming rights partner. After the company entered into a $135 million, 19 year deal, the arena was renamed FTX Arena.