Motorsport Week
  • Formula 1
    • 2025 Formula 1 Calendar
    • 2025 Formula 1 Standings
  • Formula E
    • 2025 Formula E Calendar
    • 2025 Formula E Standings
  • IndyCar
    • 2025 IndyCar Calendar
    • 2025 IndyCar Standings
  • WRC
    • 2025 WRC Standings
    • 2025 WRC Calendar
  • MotoGP
    • 2025 MotoGP Calendar
    • 2025 MotoGP Standings
    • Moto2
    • Moto3
  • WEC
    • 2025 WEC Calendar
  • IMSA
    • 2025 IMSA Calendar
  • World SBK
  • More
    • Formula 2
    • Formula 3
    • F1 Academy
    • Moto2
    • Moto3
    • World Superbikes
    • Technical Insight
    • Galleries
    • About/Contact
    • Privacy Policy
No Result
View All Result
  • Formula 1
    • 2025 Formula 1 Calendar
    • 2025 Formula 1 Standings
  • Formula E
    • 2025 Formula E Calendar
    • 2025 Formula E Standings
  • IndyCar
    • 2025 IndyCar Calendar
    • 2025 IndyCar Standings
  • WRC
    • 2025 WRC Standings
    • 2025 WRC Calendar
  • MotoGP
    • 2025 MotoGP Calendar
    • 2025 MotoGP Standings
    • Moto2
    • Moto3
  • WEC
    • 2025 WEC Calendar
  • IMSA
    • 2025 IMSA Calendar
  • World SBK
  • More
    • Formula 2
    • Formula 3
    • F1 Academy
    • Moto2
    • Moto3
    • World Superbikes
    • 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
3 years 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

Franco Colapinto has acknowledged where he must improve

Alpine’s mid-season driver swap is still to pay dividends in 2025

6 hours ago
Lewis Hamilton is working with Ferrari to make the 2026 car more to his liking

Lewis Hamilton working to ensure Ferrari 2026 F1 car comprises desired characteristics

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
Share199Tweet125Share

Related Posts

Franco Colapinto has acknowledged where he must improve
Feature

Alpine’s mid-season driver swap is still to pay dividends in 2025

6 hours ago
Lewis Hamilton is working with Ferrari to make the 2026 car more to his liking
Formula 1

Lewis Hamilton working to ensure Ferrari 2026 F1 car comprises desired characteristics

6 hours ago
(L to R): Christian Horner (GBR) Red Bull Racing Team Principal with Dr Helmut Marko (AUT) Red Bull Motorsport Consultant. 01.12.2024. Formula 1 World Championship, Rd 23, Qatar Grand Prix, Doha, Qatar, Race Day
Formula 1

Details of Christian Horner’s Red Bull F1 dismissal revealed

7 hours ago
Load More

Comments 1

  1. Enzo says:
    3 years 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 *

Upcoming Races

#EventDate
13Belgian GP25-27 July
14Hungarian GP01-03 August
15Dutch GP29-31 August
16Italian GP05-07 September
17Azerbaijan GP19-21 September

Click here for the full 2025 F1 calendar

Drivers’  Standings

#DriverPts
Oscar Piastri234
Lando Norris226
Max Verstappen165
George Russell147
Charles Leclerc120
Lewis Hamilton103
Andrea Kimi Antonelli63
Alexander Albon44
Nico Hulkenberg37
Isack Hadjar28

Click here for full Drivers’ Standings

Latest Articles

Franco Colapinto has acknowledged where he must improve
Feature

Alpine’s mid-season driver swap is still to pay dividends in 2025

July 14, 2025
Lewis Hamilton is working with Ferrari to make the 2026 car more to his liking
Formula 1

Lewis Hamilton working to ensure Ferrari 2026 F1 car comprises desired characteristics

July 14, 2025
(L to R): Christian Horner (GBR) Red Bull Racing Team Principal with Dr Helmut Marko (AUT) Red Bull Motorsport Consultant. 01.12.2024. Formula 1 World Championship, Rd 23, Qatar Grand Prix, Doha, Qatar, Race Day
Formula 1

Details of Christian Horner’s Red Bull F1 dismissal revealed

July 14, 2025

Follow Motorsport Week

Join our daily motorsport newsletter

* indicates required

Motorsport Week

© 2024 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
    • 2025 F1 Calendar
    • 2025 F1 Championship Standings
  • Formula E
    • Latest News
    • 2025 FE Calendar
    • 2025 FE Championship Standings
  • MotoGP
    • Latest News
    • 2025 MotoGP Calendar
    • 2025 MotoGP Standings
    • Moto2
    • Moto3
    • World Superbikes
  • WRC
    • Latest News
    • 2025 WRC Calendar
    • 2025 WRC Standings
  • IndyCar
    • Latest News
    • 2025 IndyCar Calendar
    • 2025 IndyCar Standings
  • WEC
    • Latest News
    • 2025 WEC Calendar
  • Live Updates
  • Other
    • IMSA
    • Formula 2
    • Formula 3
    • F1 Academy
    • Moto2
    • Moto3
    • World Superbikes
  • Galleries
  • About/Contact
  • Privacy Policy

© 2024 Motorsport Media Services Ltd