Chelsea and Atletico Madrid Look Set to Lose Crypto Whalefin Sponsorships

December 12 - Crypto winter has claimed another casualty with Chelsea sleeve sponsor Amber Group displaying its Whalefin logo, reportedly ending its £20m-a-year contract seven months only after its launch.

Whalefin replaced Hyundai as the club's round sponsor of the Premier League, the first major sponsor agreed under new owner Todd Boehly.

When the deal was announced, no terms were given. It is unclear if the deal for Whalefin was for a single season and if there is an exit clause.

Amber Group was hit by the crash of the FTX stock market and reportedly lost 40% of its staff.

Whalefin has also been on the front of Atletico Madrid's shirt this season in a five-year, £35m deal, the biggest in Atletico history.

Both clubs are likely to seek new sponsors for next season.

Lookonchain crypto analysts calculate that Amber Group is on the verge of bankruptcy. It says six wallets believed to belong to Amber only have $9.46 million in assets between them. Amber's website claims that it has over $5 billion on its platform and is responsible for $1 trillion in transactions.

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