Mercedes F1 team boss Toto Wolff said over the weekend that a catastrophic collapse of crypto exchange FTX had left the team with utter disbelief. Latest remarks from Toto Wolff came forth nearly a couple of weeks after the collapse of crypto exchange FTX, which also had filed a chapter 11 bankruptcy filing citing suspicious activity during a transaction between FTX and one of its subsidiaries.
Entire impact of FTX collapse had led to a robbery of nearly $600 million worth of liquidities in bitcoin. Following the incident, the Chief of FTX Fried-Bankman tried to shift FTX into Bahamas, however, he has been kept under observation there and a criminal probe is ongoing.
Wolff said Mercedes on utter disbelief after FTX fall
Nevertheless, adding that he still has belief in crypto assets, Wolff said, “But this situation is very unfortunate. We considered FTX because they were one of the most credible and solid, financially sound partners that were out there.
But this situation is very unfortunate. We considered FTX because they were one of the most credible and solid, financially sound partners that were out there”. In the matter of the fact, Formula One has obtained attraction from all over the globe following its latest aggressive expansion campaign that involves as many as three events in the US next year, which eventually had lured in a wide array of crypto firms into the sports.
One of Formula 1’s global partner is Crypto.com, while Singapore-based crypto exchange has also been sponsoring the Aston Martin team. Besides, Crypto.com had sealed off a nine-year deal with Miami GP.