Mercedes formula one (F1) team suspended its sponsorship deal with troubled crypto exchange FTX.
Therefore, starting with the Brazilian Grand Prix, the team’s cars will not bear FTX logos. Mercedes stated:
“As a first step, we have suspended our partnership agreement with FTX. This means the company will no longer appear on our race car and other branded assets from this weekend. We will continue to monitor the situation closely as it evolves.”
This decision was reached based on the fast-changing situation, given that FTX filed for Chapter 11 bankruptcy based on a liquidity crisis at the exchange. Moreover, the exchange’s CEO Sam Bankman-Fried resigned.
The FTX saga unfolded several days ago after an 8 billion black hole emerged in its finances. Reportedly, this liquidity crisis surfaced after Sam Bankman-Fried transferred at least $4 billion to Alameda Research, FTX’s trading arm, with part of the funds being…
