The FTX logos were removed from the rear wings of the Silver Arrows.
Mercedes removed the logos of its sponsor, the cryptocurrency marketplace FTX, from its car. The F1 team also announced that it had temporarily cut off cooperation with the company, which ran into severe financial difficulties.
Mercedes and FTX started working together in the middle of last season. This season, the virtual currency exchange gained significant visibility on the rear wing of the F1 car and on the clothing of the team’s staff.
However, during the race weekend in Brazil, the logos are nowhere to be seen.
The most recent plunge in the crypto market hit FTX particularly hard. The company, estimated to be worth 32 billion euros at the beginning of the year, is now teetering on the brink of bankruptcy, as its foreign exchange service saw a huge mass exodus of customers this week.
CNN reported having invested heavily in the company By Sam Bankman-Fried assets shrunk by a whopping 94 percent overnight.
FTX’s logos were prominently featured in Mercedes’ cars this season. PDO