Atlético Madrid has taken legal action against the cryptocurrency exchange WhaleFin for failing to fulfill a sponsorship contract worth €40 million ($44 million).
According to Protos, the football club signed a five-year agreement with the Singaporean company for the 2022/23 season but claims that they have not received the promised payments.
The team is now seeking compensation of €20 million. WhaleFin’s parent company, Amber Group, faced financial troubles in December 2022 and terminated their sponsorship contract with English club Chelsea.
They also announced that they would be laying off 40% of their employees. Furthermore, in September, the company underwent a round of personnel optimization.
In November, the managing partner of Amber Group’s cryptocurrency platform, Annabel Huang, revealed that around 10% of their trading capital was frozen on the FTX exchange, which was going through bankruptcy proceedings.
