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.