Motorsport Week
  • Formula 1
    • 2023 Formula 1 Calendar
    • 2023 Formula 1 Standings
    • 2023 Formula 1 Driver Line-Up
    • 2023 Formula 1 Driver Penalty Points
    • 2024 Formula 1 Driver Line-Up
  • Formula E
    • 2022/23 Formula E Standings
    • 2022/23 Formula E Calendar
    • 2022/23 Formula E Team/Driver Line-up
  • IndyCar
    • 2023 IndyCar Calendar
    • 2023 IndyCar Driver Line-Up
    • 2023 IndyCar Standings
  • WRC
    • 2023 WRC Calendar
    • 2023 WRC Standings
    • 2023 WRC Driver Line-up
  • MotoGP
    • 2023 MotoGP Calendar
    • 2023 MotoGP Team/Rider Line-Up
    • 2023 MotoGP Standings
  • WEC
    • 2023 WEC Calendar
    • 2023 WEC Hypercar Team/Driver Line-up
  • More
    • IMSA
      • 2023 IMSA GTP Team/Driver Line-up
      • 2023 IMSA Calendar
    • Formula 2
      • 2023 Formula 2 Race Calendar
      • 2023 Formula 2 Driver Line-up
    • Formula 3
      • 2023 Formula 3 Race Calendar
      • 2023 Formula 3 Driver Line-up
    • DTM
    • WSeries
    • Technical Insight
    • Galleries
    • About/Contact
    • Privacy Policy
LIVE
No Result
View All Result
  • Formula 1
    • 2023 Formula 1 Calendar
    • 2023 Formula 1 Standings
    • 2023 Formula 1 Driver Line-Up
    • 2023 Formula 1 Driver Penalty Points
    • 2024 Formula 1 Driver Line-Up
  • Formula E
    • 2022/23 Formula E Standings
    • 2022/23 Formula E Calendar
    • 2022/23 Formula E Team/Driver Line-up
  • IndyCar
    • 2023 IndyCar Calendar
    • 2023 IndyCar Driver Line-Up
    • 2023 IndyCar Standings
  • WRC
    • 2023 WRC Calendar
    • 2023 WRC Standings
    • 2023 WRC Driver Line-up
  • MotoGP
    • 2023 MotoGP Calendar
    • 2023 MotoGP Team/Rider Line-Up
    • 2023 MotoGP Standings
  • WEC
    • 2023 WEC Calendar
    • 2023 WEC Hypercar Team/Driver Line-up
  • More
    • IMSA
      • 2023 IMSA GTP Team/Driver Line-up
      • 2023 IMSA Calendar
    • Formula 2
      • 2023 Formula 2 Race Calendar
      • 2023 Formula 2 Driver Line-up
    • Formula 3
      • 2023 Formula 3 Race Calendar
      • 2023 Formula 3 Driver Line-up
    • DTM
    • WSeries
    • Technical Insight
    • Galleries
    • About/Contact
    • Privacy Policy
No Result
View All Result
Motorsport Week
Home Single Seater Formula 1

Mercedes suspend crypto-sponsor FTX following company crisis

by Ashley Hambly
7 months ago
A A
1
Share on FacebookShare on Twitter

Mercedes have suspended their sponsorship with the Bahamas-based cryptocurrency exchange following the company’s plunge into bankruptcy with all company logos being stripped from the W13’s livery.

Boasting the title of the world’s second-biggest cryptocurrency exchange, FTX was thrown into turmoil after a report came out last week that alleged that a house-owned hedge fund held billions of dollars worth of FTX’s own currency, FTT, and had been using it as collateral in further loans.

Such actions could provide catastrophic if the value of FTT fell low enough which is what happened when the report was brought to light.

The value of FTT fell from $25 per token to less than $2 each in just a few days.

RelatedPosts

Leclerc cautiously optimistic over Ferrari Barcelona F1 upgrades

Leclerc cautiously optimistic over Ferrari Barcelona F1 upgrades

6 hours ago
F1 drivers laud Barcelona layout after chicane removal

F1 drivers laud Barcelona layout after chicane removal

6 hours ago

To make matters worse for the company, they are consequently being investigated by the USA’s Securities and Exchange Commission (SEC) over the alleged misuse of customer deposits in those loans.

While it looked like Mercedes was still going to run the FTX sponsor stickers of the W13 this weekend in Sao Paulo, the team have since released a statement which has clarified the situation.

“As a first step, we have suspended our partnership agreement with FTX,” the team said in a brief statement to Motorsport.com.

“This means the company will no longer appear on our race car and other branded assets from this weekend. We will continue to monitor closely the situation as it evolves.”

FTX has also been removed from the Partners section of the Mercedes-AMG F1 official website.

Tags: F1Mercedes
Share362Tweet226

Related Posts

Leclerc cautiously optimistic over Ferrari Barcelona F1 upgrades
Formula 1

Leclerc cautiously optimistic over Ferrari Barcelona F1 upgrades

6 hours ago
F1 drivers laud Barcelona layout after chicane removal
Formula 1

F1 drivers laud Barcelona layout after chicane removal

6 hours ago
Perez must ‘pull a gear’ in qualifying amid close Barcelona gaps
Formula 1

Perez must ‘pull a gear’ in qualifying amid close Barcelona gaps

7 hours ago
Load More

Comments 1

  1. Enzo says:
    7 months ago

    Crypto is dying, and it’s going to be a big problem for F1 as they have become heavily dependent on these companies for sponsorship. Crypto has almost been the new tobacco in F1, and just remember what happened to the sport when that was banned… It nearly collapsed. It wasn’t until a few years ago when teams severely lowered their sponsorship standards, and crypto sponsors stepped in and F1 cars were filled with sponsors again. Things are going to get rough.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Articles

Leclerc: Every driver would like Hamilton as F1 team-mate
Formula 1

Leclerc: Every driver would like Hamilton as F1 team-mate

June 1, 2023
Magnussen: Perez chicane clash caused by anti-stall
Formula 1

Magnussen: Perez chicane clash caused by anti-stall

May 28, 2023

Upcoming Races

#EventLocationDate
6Emilia Romagna GPImolaCancelled
7Monaco GPMonte Carlo28 May
8Spanish GPBarcelona04 June
9Canadian GPMontreal18 June
10Austrian GPSpielberg02 July

Click here for the full 2023 F1 calendar

Drivers’  Standings

#DriverPts
Max Verstappen144
Sergio Perez105
Fernando Alonso93
Lewis Hamilton69
George Russell50
Carlos Sainz48
Charles Leclerc42
Lance Stroll27
Esteban Ocon22
Pierre Gasly14

Click here for full Drivers’ Standings

Follow Motorsport Week

Motorsport Week

© 2023 Motorsport Media Services Ltd

Other Links

  • About & Contact
  • Privacy Policy
  • Motorsport Monday

Follow Us

No Result
View All Result
  • Login
  • Sign Up
  • Home
  • Formula 1
    • Latest News
    • Championship Standings
    • 2023 F1 Calendar
    • Team/Driver Line-Up
    • Session Results
    • Driver Penalty Points
  • Formula E
    • Latest News
    • 2022/23 Formula E Standings
    • 2022/23 Formula E Calendar
    • Session Results
  • MotoGP
    • Latest News
    • Standings
    • Calendar
  • WRC
    • Latest News
    • Standings
    • Calendar
  • IndyCar
    • Latest News
    • Calendar
    • Standings
  • WEC
    • Latest News
    • Calendar
  • Live Updates
  • Other
    • Formula 2
    • Formula 3
    • Moto2
    • Moto3
    • WSeries
    • DTM
    • IMSA
  • Galleries
  • About/Contact
  • Privacy Policy

© 2023 Motorsport Media Services Ltd

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
X