According to Mercedes Formula 1 CEO Toto Wolff, FTX’s sensational collapse could affect any racing team.
There is a strong connection between Formula 1 and the crypto industry. It is highly likely to see a crypto company logo on all the teams on the racetrack, even on the tracks and collaborations. Basically, we saw on the streets and on the tracks that the F1 organizers had a big deal with the Crypto.com exchange. McLaren’s OKX and Red Bull’s ByBit and FTX, which has recently come to the fore with the crisis, had an agreement with Mercedes.
Of course, it was inevitable that the Mercedes Formula 1 team would be affected by the collapse of the crypto exchange FTX. FTX’s bankruptcy caused the German automaker to suspend the deal ahead of the Brazilian Grand Prix, removing the company’s logos from its cars and assets.
Mercedes F1 Boss Toto Wolff Says FTX Crash Could Be Harmful
Mercedes Formula 1 team principal Toto Wolff made a statement about the collapse of FTX in an interview with Speed Week.
He told Wolff, “The bankruptcy of your previous partner in the crypto space, FTX, is a surprise bomb. How much does the company’s explosion affect Formula 1 teams, who all find partners there?” the question was asked. Wolff answered the question as follows:
“Just as every team has such sponsors, the F1 organization also has crypto sponsorship. So everyone will be affected. The FTX bankruptcy had a huge impact, not just for us, but for the entire crypto industry. This bankruptcy, which emerged with a deficit of eight billion dollars, shows that an uncontrolled event can occur in the entire industry.”
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