Wolff says Crypto sponsor crash may affect every F1 team
Dec.2 - Every team may ultimately be affected by the high-profile and shock demise of the crytocurrency exchange FTX.
The logos of the Bahamas-based company were removed from Mercedes' works Formula 1 cars as FTX spectacularly crashed.
But most of the other teams also have crypto deals in place, including Ferrari (Velas), Alpine (Binance), Red Bull (Bybit), Alfa Romeo (Floki), AlphaTauri (Fantom), McLaren (Tezos) and Aston Martin, whose sponsor crypto.com is also a global Formula 1 sponsor.
Mercedes F1 team boss Toto Wolff
"Every team has sponsors like that and so does the Formula 1 organisation," Mercedes team boss Wolff told Speed Week.
When asked about the prospect of a devastating crypto collapse, he added: "Everyone would be affected.
"FTX was considered a solid company whose bankruptcy is a huge damper not only for us but for the entire crypto industry," said the Austrian.
"This bankruptcy with a deficit of $8 billion shows how uncontrolled the entire industry is."
✅ Check out more posts with related topics:
Cryptocurrency is very high risk and it amazes me that teams became involved when their budgets are so tight! High risk can mean high gain, although more likely it means high loss! It's very early days with cryptocurrency and most people don't understand how it works and how it can be traded. There are too many scams involved!
Easy...... all the f1 teams are only to willing to accept the easy cash, even if every crypto firm went bust according to liberty and the "Finance man Wolff himself" f1 is overflowing with money and Worldwide interest, so who cares, Christians only bothered because he had to cancel one sponsor-- grenfell interest and now loses another, whoever does the sponsor deals at Merc needs to sharpen up
"FTX was considered a solid company..."
By whom? Crypto has no intrinsic value. It is simply a trading derivative fueled by the greater fool crowd. Come see me when the grocery will take crypto for a loaf of bread.
Anything that is too good to be true usually is
More fool them
✅ Checkout the latest 50 F1 Fans comments.