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Riot Games Files Motion to End Deal with FTX

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Riot Games

Riot Games, the company behind such titles as League of Legends and Valorant, has filed a motion to end its deal with cryptocurrency company FTX following the epic collapse of the market, and FTX folding.

According to researcher Molly White via Twitter, the company attributed the decision to FTX’s filing for bankruptcy.

“There is simply no way for FTX to cure the reputational harm already caused to Riot as a result of the highly public disrepute wrought by the debacle preceding FTX’s bankruptcy filing. FTX cannot turn back the clock and undo the damage inflicted on Riot in the wake of its collapse,” Riot Games said, reportedly.

The two sides initially partnered up via an advertising deal in 2021 which would see Riot Games promote FTX’s brand in connection with its esports circuit, the League of Legends Championship series.

FTX owed Riot $12.5 million but so far has only covered $6.2 million of that balance during 2022, and in 2023 FTX would need to pay $12,875,000, with payments continuing to grow until the year 2028.

Riot Games also noted their criticism of the fall of FTX and arrest of FTX founder Sam Bankman-Fried as among the reasons that they decided to end the deal.

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Riot Games Victims of Cyberattack

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Riot Games

Riot Games issued a statement on Wednesday saying that they  received a ransom email after hackers stole source code for League of Legends and Teamfight Tactics, with the attack also targeting its legacy anticheat platform, according to an official release.

“Needless to say, we won’t pay,” Riot said in the statement.  “While this attack disrupted our build environment and could cause issues in the future, most importantly we remain confident that no player data or player personal information was compromised.”

Riot Games continued by saying that it’s been working to assess the leak’s impact on anticheat as “any exposure of source code can increase the likelihood of new cheats emerging.” The company added that “experimental features” were also exposed, saying that “most of this content is in prototype and there’s no guarantee it will ever be released.”

Riot Games first announced the hack back on January 20th, saying it was a “social engineering attack.”

 

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Squanch Games CEO Justin Roiland Resigns

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Squanch Games

Squanch Games CEO Justin Roiland has officially resigned from his position at the company after news broke that Adult Swim would be parting with popular series ‘Rick & Morty’, according to an official announcement.

Per the company, Roiland’s resignation was received on January 16th, and the company added that it will continue to support High on Life, which released on December 13, 2022, and “keep developing games we know our fans will love.”

Roiland, who is the studio’s co-founder, was charged with felony domestic battery with corporal injury and false imprisonment by menace, violence, fraud, and/or deceit earlier this month.

“Adult Swim has ended its association with Justin Roiland,” Adult Swim/Cartoon Network/Boomerang senior vp communications Marie Moore said in a statement issued on Tuesday.

According to the Hollywood Reporter, ‘Rick & Morty’ will continue, but with new voice actors cast in the iconic roles voiced by Roiland.

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Washington Post Set to Shut Down Gaming Section

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Washington Post

The Washington Post is reportedly gearing up for a round of layoffs and as part of those cuts they will be shutting down their video game label Launcher and student focuses section KidsPost, according to Axios’ Sara Ficher.

According to the report, Washington Post executive editor Sally Buzbee sent a memo to staff today informing them of the upcoming changes, explaining that the media brand will be laying off 20 people from the newsroom.

While the memo does not make a mention of Launcher, the report cited two sources with saying that the Washington Post plans on axing Launcher.

When the Washington Post initially brought Launcher live back in 2019, they hyped it as “a dedicated section that aims to recalibrate the conversation with classically trained journalists who were raised on games.”

Unfortunately, the Washington Post is just the latest video game news media brand to impost layoffs, much like IGN, GameInformer, Vice, G4 (which was shut down entirely), and Polygon, among others.

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