The AFL has a debased form and is corrupting and compromising the sport with deals such as its $25 million sponsorship deal with cryptocurrency firm Crypto.com, the Reverend Tim Costello of the Alliance for Gambling Reform has said.
The AFL announced the five-year partnership on Tuesday, saying Crypto.com would be the official cryptocurrency exchange and trading platform for the AFL and the AFLW.
Crypto.com is a trading platform for cryptocurrencies. It is a digitally encrypted currency that allows payments without banks. It also offers pre-paid debit cards.
According to Reverend Tim Costello of the Alliance for Gambling Reform, the AFL has unethical practices and is perverting and undermining the sport with contracts like its $25 million sponsorship contract with virtual currency startup Crypto.com.
Alliance of AFL and AFLW
On Tuesday, the AFL and the AFLW signed a five-year alliance, with Crypto.com serving as the league’s official crypto exchange and trading network.
Crypto.com is a cryptocurrency trading website that allows users to make transactions without going through a bank. Pre-paid debit cards are also available.
Formula One and the Ultimate Fighting Championship (UFC) are only two international athletic franchises with which the corporation has agreements. It will air a commercial starring actor Matt Damon during the Super Bowl in February.
The sport is supposed to be a sport, and all additional add-ons solely to make money erode the sport’s essence. You’re practically tarnishing and undermining the mark with all of these extra options.
Costello was skeptical about the new contract because of the AFL’s experience with sports gambling.
The AFL has an unethical history on this, he said. AFL teams have gotten mainly out of gambling, but the AFL has not yet shifted an iota on Sportsbet and excessive advertising.
David Glance, a cryptocurrency specialist and University of Western Australia computer scientist, attempts numerous sponsorship partnerships to earn respectability.
As they revealed the agreement, Crypto.com’s social networking customer service account responded to protests from various individuals out of their accounts, with several claiming to have lost money.
The business tweeted that they have a modest number of individuals flagging strange behavior on their accounts.
It will temporarily halt withdrawals as our staff investigates. All of your funds are secure.
Some users claimed that their accounts were compromised and their money had vanished. Ben Baller, a podcaster, claimed that $18,000 had mysteriously disappeared from his account but afterward claimed he had recovered it.
According to Kris Marszalek, it lost no customer assets, the CEO of Crypto.com.
On Twitter, he wrote that the downtime of the withdrawal [infrastructure] was [about] 14 hours – their team has hardened the infrastructure in response to the incident.
They will share a full post mortem after the internal investigation completes.
He stated on Twitter that the withdrawal system was down for approximately 14 hours their staff has reinforced the systems in reaction to the event.
After the internal inquiry ends, they will release a thorough postmortem.
Marszalek stated in a press statement announcing the arrangement with the AFL that Crypto.com dedicates to investing in Australia.
He explained that the AFL and AFLW are ideal avenues for connecting with Australian sports and culture.
It’s abnormal, according to Glance, for sporting organizations to engage with virtual currency, but it is less so when you realize how frequently they also associate with betting enterprises.
Accordingly, somebody in the AFL felt this was a smart option; he continued, although they don’t believe they thought it through.
Virtual currency is a disaster for the ecosystem, fueling crypto crime. Individuals who profit from this do so at the detriment of those who lose money and the ecosystem.
Indeed, mining cryptocurrencies consume enough computer processing power to sustain whole nations. According to the Guardian Australia, Austrac, Australia’s financial security department has expressed reservations about a spike in crime as the adoption of cryptocurrency grows.
Finally, cryptocurrencies are frequently under chastise for having no intrinsic worth and depending on new investors to pay older investors.
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