In a report from Crypto Coin Opps, Crypto.com was called out for not paying fighters Bitcoin the last 3 months. And while that statement ruffled the feathers of CRO token enthusiasts, the statement is true. The problem was not with the publication, but instead people failing to read the full news story.
And as a domino effect, the headline may have exposed YouTubers who may be shilling.
Crypto.com’s UFC Sponsorship Facts
The UFC’s biggest sponsor is Crypto.com — True. The total value of the deal is US$175-Million.
And the Ultimate Fighting Championship company was set to pay their fighters a bonus of $60,000 in Bitcoin, courtesy of the popular crypto-exchange. These bonuses are only issued during pay-per-view fights. And according to a reddit post on subreddit MMA, there’s only 12 fights per year. That made the entire value of the deal US$720k at that time.
Third, the bonus has not been paid in cryptos for the last 3 months as originally designated.
Re-Tooling Is What Stopped Bitcoin Deal
However, as the story stated, it was a ‘re-tooling’ that happened, not a cancellation of fighter’s bonuses.
And the UFC failed to be able to take advantage of that prime-time spotlight.
Due to the contagion of FTX, it’s suggested many fearful cryptos felt promoting Bitcoin was not good for the moment. Therefore the payment of $60k to fighters by crypto.com was canceled for now. It is believed the sponsorship continues but with focus on other strategies.
The way in which the article was re-strung by many as fud due to various re-tooled headlines, are all at fault for not reading the original story in its entirety.
Mr. Whale & Crypto.com CEO Spar on Twitter
Due to the swift spread of the re-appropriated storyline, the Crypto.com founder and CEO Kris Marszalek responded to one tweet that questioned the retooling of payments.
Popular user Mr Whale questioned in a tweet, “#CryptoCom now have 3 months failing to pay UFC. Liquidity issues? 🤔”
Marszalek replied surprisingly.
“False” he simply tweeted back.
However, Kris did not go into detail about why the past 3 fights bonuses were not paid in Bitcoin via Crypto.com. Nor to the idea of liquidity issues.
YouTube Hosts Shilling?
A few smaller YouTubers chimed in on the conversation with a lack of knowledge on the situation, supporting the Crypto-exchange CEO. They called the headline ‘FUD’ but it’s not at all false. Their misleading rebuttals to the headline seem to aim at pumping the exchange’s native token, CRO.
Nonetheless, those YouTubers are not really needed by Crypto.com. The exchange is doing fine and while FTX contagion has affected the whole market, their reserves will speak for the legitimacy of their business shortly.
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