FTX-kollaps kommer att ha negativa effekter på F1-team: Mercedes Team Head

• Toto Wolff, VD för Mercedes-AMG Petronas F1 Team, sa att många F1-team kan drabbas av FTX-kollaps.
• Wolff remains a firm believer in blockchain and crypto space but was in “utter disbelief” when the multi-billion dollar firm collapsed.
• Chefen tillade att implosionen av kryptobörsen visar hur mycket industrin behöver reglering.
• Mercedes har tagit bort FTX från sina bilar och andra tillgångar efter att ha övergett partnerskapet med börsen.

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The CEO of Mercedes-AMG Petronas F1 Team, Toto Wolff, has stated that the collapse of the former multi-billion dollar crypto exchange FTX can adversely affect many F1 teams. During its dominance as one of the largest crypto firms across the earth, the trading venture of Sam Bankman-Fried (“SBF”) made several marketing deals to attract the attention of investors.

En av affärerna gjordes med Mercedes-AMG Petronas F1 Team och logotypen för FTX visades på bilarna som kördes av några av de mest populära och välkända förarna över hela jorden, inklusive Lewis Hamilton och George Russel. Intressant nog avslutade Mercedes samarbetet med börsen i början av november när det ansökte om konkurs och skydd från borgenärer.

I en intervju, the Mercedes F1 team’s boss stated that many teams were connected with FTX and the collapse of the exchange could ignite a fire which would bring these teams trouble.

“Each team has such sponsors and the F1 organization as such. So 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. This bankruptcy, with a $ 8 billion shortfall, shows that the entire industry is uncontrolled,” said Wolff.

FTX showed signs of troubled when the CEO of the world’s biggest crypto exchange Binance, Changpeng Zhao, stated that he would sell his firm’s stake of FTX Token (FTT). This caused a panic in the market which led to many people selling their tokens. Interestingly, almost all of the exchange’s worth was in FTT and in one day, the platform saw an outflow of $4 billion. This eventually led to a liquidity crunch leading to the utbyte ansökan om konkurs och Binance backar från en förvärvsaffär.

Mercedes announced that it would cut all ties with the exchange, and Wolff said at that time that the automobile firm was in “utter disbelief” and added that the sector needs regulation. The F1 team removed FTX from the cars and other assets. However, Wolff sa att han fortfarande tror starkt på krypto- och blockkedjeteknik.

Wolff said that the crypto space is unregulated and added that “it needs to find its way into regulations because there’s so many customers, investors and partners like us [Mercedes] that have been left in utter disbelief at what has happened.”

“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 earlier.

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