The last few months for the cryptocurrency world have been a real nightmare. Less than a month ago Mercedes suddenly found itself faced with a financial problem with unpredictable implications: the collapse of FTX, a major cryptocurrency exchange. An episode that is connected to the vertical drop in value suffered more extensively by the entire sector and which has involved the whole world of F1 more widely. The first alarm bell in fact had been represented by the financial difficulties of the crypto. com, Global partner of F1 and title sponsor of the Miami Grand Prix, which has joined the world championship calendar this year. However, Mercedes and F1 are not the only entities experiencing this critical step in the history of the complex cryptocurrency market with apprehension.
In fact, almost all of the teams operating in the Circus have linked themselves to some virtual currency brand in recent years. Aston Martin is sponsored by itself Crypto.com, but the list also includes Ferrari (Velas), Alpine (Binance), Red Bull (Bybit), Alfa Romeo (Floki), Alpha Tauri (Fantom), McLaren (Tezos). Speaking to the German site Speedweek the Mercedes team principal, Toto Wolffwarned all his colleagues precisely about the risk of collective financial damage for all teams: “Every team has such sponsors, as does the Formula 1 organization – wanted to reiterate the Austrian manager – if there was a total collapse of cryptocurrencies everyone would be affected. FTX was considered a solid company. Their failure is a huge damage not only to us but to the entire cryptocurrency industry. This meltdown, with a deficit of $8 billion, it shows how unchecked the whole industry is“.
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