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FTX Crash Could Affect Every F1 Team, Says Mercedes CEO Toto Wolff

Toto Wolff – an Austrian billionaire and CEO of the Mercedes-AMG Petronas F1 Team – thinks the collapse of crypto exchange FTX could harm every Formula 1 organization. “Every team has sponsors like that, and so does the Formula 1 organization as such. So everyone would be affected.”

Mercedes and FTX inked a sponsorship deal last year to promote the trading venue and introduce an NFT collection for fans. “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 announced.

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