The Miami Heat and Miami-Dade County are terminating their arena naming

rights agreement with the insolvent cryptocurrency company FTX.

The county, which owns the arena, agreed to a $135 million, 19-year deal in 2021 

 FTX had a $5.5 million payment due in January after making a $14 million first balloon payment.

Although the name and signage will soon be removed, 

the venue will officially still be known as FTX Arena for the Heat-Charlotte Hornets game on Saturday.

"The reports about FTX and its affiliates are extremely disappointing,"

"We will be working together to find a new naming rights partner for the arena."