The crypto world was sent into turmoil after Mercedes sponsor FTX crashed and wiped out a significant amount of money from the market. FTX was not only a key cryptocurrency company, but it was also the sponsor for the Mercedes AMG F1 team. Its downfall disrupted the crypto market and the fall of such an influential name from the market came as a big blow to Mercedes.

Concerns about improper use of client funds led to a run on FTX deposit. The results showed an estimated $8 billion liquidity shortfall, and the company has since filed for bankruptcy. Last week, Mercedes cut their ties with the company and also removed FTX branding from the W13s ahead of the Brazilian Grand Prix.

The news came in as a big shock to Mercedes boss Toto Wolff who is a big believer in blockchain technology. FTX was once valued at a gigantic $32 billion. Furthermore, it is one of the most high-profile and significant casualties of the crypto market.

Toto said, “It’s hard, we all know crypto is relevant. I believe in the blockchain when it comes to transactions of the future. But this situation is very unfortunate, especially since it concerns FTX. We saw in FTX a very reliable and solid partner, financially one of the stronger parties on the market.” [Translated from Google]

He also added, “It shows how fragile the market is. There is no regulation and I think there should be something like this because so many customers, investors and partners like us have seen in disbelief what happened.”

Amid Recent FTX Hit, Mercedes F1 Could Take Another Financial Blow as $2 Billion Worth Sponsor Pushed to End Partnership

The news surely comes at a bad time for the Silver Arrows. They started to make significant progress in the right direction and celebrated their first win of the season in Brazil.

Mercedes boss Toto Wolff drops a huge hint regarding Mick Schumacher

Toto Wolff has dropped a big hint revolving around Mick Schumacher’s future. The German is without a seat for the next year after Haas decided not to renew Schumacher’s contract. He’ll be replaced by his compatriot Nico Hulkenberg for the next season.

Toto said, “I don’t know what the status is with Mick and Haas, but I make no secret of the fact that the Schumacher family belongs to Mercedes and that we appreciate Mick very much.” [Translated from Google]

Trending

Liam Lawson’s Surprise Contract Clause Threatens Daniel Ricciardo’s RB Seat

April 24, 2024 11:15 AM EDT

Daniel Ricciardo To Be Replaced by Liam Lawson After Miami, F1 Pundit Dishes Out Harsh Verdict After Australian’s “Amateur Mistake”

April 17, 2024 11:14 AM EDT

What Is Azzurro La Plata and Azzurro Dino? Significance of Ferrari’s Historic Change to a Blue Livery for Miami GP

April 24, 2024 04:52 PM EDT

“[Charles] Leclerc Doesn’t Care About Ferrari”: F1 Insider’s Brutal Blow to Fred Vasseur & Co. Has Racing Community Lashing Out

April 24, 2024 05:00 PM EDT

F1 Rumor: Christian Horner and Wife Geri to Publicly Reveal All Details on Leaked Chat Scandal

April 22, 2024 04:10 PM EDT

Get instantly notified of the hottest F1 stories via Google! Click on Follow Us and Tap the Blue Star.

Follow Us

He further added, “If the opportunity arises, Mercedes would be open, according to Wolff. But first of all, it should be about Mick getting a regular cockpit.”

WATCH THIS STORY: Daniel Ricciardo Pushed Aside as Lewis Hamilton Takes The Spotlight With Avid F1 Fan

Mercedes will be desperate to maintain a winning run going into the next season. After George Russell’s maiden win in Brazil, they’ll hope to keep Lewis Hamilton’s record of winning a race in every season he’s raced intact. Can the Silver Arrows and 7-time champion succeed?