FTX Crash Could Affect Every F1 Team, Says Mercedes’ 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. However, the squad suspended the agreement after FTX’s severe issues came to light in the middle of November.
Mercedes and FTX inked a sponsorship deal last year to promote the trading venue and introduce an NFT collection for fans. The F1 team initially supported its partner upon seeing its first signs of issues in November and vowed to keep the FTX logo on its cars. However, it terminated all ties with the exchange shortly before the latter’s bankruptcy protection filing. while the “deficit of eight billion dollars” shows the necessity of pertinent rules in the sector.
Source
https://t.me/DeFi_Ethereum
