Mercedes F1 team suspend partnership with FTX

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Mercedes F1 team suspend partnership with FTX

The Mercedes Formula One team had issued a statement over the weekend saying that they had decided against continuing their partnership accord with the much-debated crypto exchange FTX. In point of fact, latest remarks from Mercedes F1 team came forth shortly after Friday’s Brazil GP practice session, as FTX had filed an application for a chapter 11 bankruptcy protection.

If truth is to be spoken, according to court documents, FTX said in the bankruptcy protection application that there had been unauthorized access into its account, which eventually had led to an evaporation of the firm’s entire fund.

Nonetheless, regulators had stepped in and an investigation is underway. On top of that, the collapsed crypto exchange FTX, which had been one of the world’s largest crypto trading platform, had had $1 billion in liquid assets against a whopping $9 billion in liabilities.

As the firm had been scrambling to find out the money that had been vanished in thin air following unauthorized access into its account, FTX’s chair Sam Bankman Fried had fled the country and was last seen in Bahamas.

Mercedes cancels out FTX partnership deal

Mercedes F1 team, had signed off a sponsorship deal with FTX back in the September of 2021. Meanwhile, as the 2022 F1 season nears an end, a spokesman for Mercedes F1 team said in a statement, “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 closely the situation as it evolves”. Mercedes’ seven-times world champion Lewis Hamilton alongside George Russell will start at the front row of the grid on Sunday’s Brazil GP