Crypto exchange OKX axed its plans for a Super Bowl spot as a result of the collapse of competitor FTX, Haider Rafique, chief marketing officer of OKX, confirmed with Ad Age.
Back in September, Rafique told Ad Age the exchange would “of course” be marketing in the big game. The brand had set aside $15 million in its budget—though never officially bought a placement from Fox—and in the fall began deliberating ideas with BBDO NY, its agency of record. One such concept included casting Jonah Hill as Sam Bankman-Fried, FTX’s since-disgraced former CEO, Rafique said.
But after FTX spiraled in dramatic fashion in early November, capping a year of collapses in the crypto industry, OKX decided that a Super Bowl commercial was no longer in the cards.
“It just feels like bad manners,” Rafique said. “No one wanted to hear from a crypto brand except an apology, which [at the time] was missing.”