F1: Mercedes team set to lose FTX as sponsor (Update)

After Mercedes said the logos of embattled cryptocurrency exchange FTX would stay on the car in Brazil, the company subsequently filed for bankruptcy.

A team spokesman confirmed that the logos have now been removed.

“We have suspended our partnership with FTX as a first step,” he said. “We will continue to monitor the situation as it develops.”

Mercedes seems almost certain to lose one of its sponsors – FTX – as the Crypto Exchange company faces financial doom.

The Crypto Exchange FTX has seen investors withdraw over $6 billion in the last three days, with the company now facing bankruptcy.

While the situation is still developing, all indications suggest that FTX could go bust quite soon – with the CEO admitting on social media that the situation is bleak.

There is no doubt that losing a sponsor is inconvenient, but a team with the magnitude of Mercedes is almost certain to have ensured that it has already received its sponsorship payment.