Mercedes F1 team dump crypto partner

2022/11/12 11:15:00

The Mercedes F1 team confirmed they had suspended a sponsorship deal with crisis-hit cryptocurrency exchange FTX

The Mercedes F1 team confirmed they had suspended a sponsorship deal with crisis-hit cryptocurrency exchange FTX

The Mercedes team confirmed they had suspended a sponsorship deal with crisis-hit cryptocurrency exchange FTX and had removed the company’s logos.

Saturday 12 November 2022 - 10:15am File: A smart phone screen displaying the logo of FTX, the crypto exchange platform, with a screen showing the FTX website.Bankman-Fried’s downfall was swift, with a hastily agreed rescue by rival Binance falling apart 10 November 2022 - 19:33 Philip Lagerkranser Fallen crypto mogul Sam Bankman-Fried is shutting down Alameda Research, the trading house at the heart of his digital-asset empire, as he seeks last-ditch financing to save his troubled crypto exchange FTX.Sequoia Capital wrote down the full value of its holdings in FTX, a signal the venture capital firm sees no clear path to recouping its investment in the embattled cryptocurrency exchange.Email The crisis engulfing Sam Bankman-Fried’s FTX.

AFP/Olivier Douliery SAO PAULO - The Mercedes team confirmed they had suspended a sponsorship deal with crisis-hit cryptocurrency exchange FTX and had removed the company’s logos from their cars ahead of this weekend’s Sao Paulo Grand Prix.A team spokesperson said their partnership had been suspended and all visual branding on their cars would no longer appear.Picture: BLOOMBERG Fallen crypto mogul Sam Bankman-Fried is shutting down Alameda Research, the trading house at the heart of his digital-asset empire, as he seeks last-ditch financing to save his troubled crypto exchange FTX.FTX had been left scrambling to raise billions of dollars to avoid collapse.com and FTX.FTX, seen as a key sponsor at Mercedes, filed for bankruptcy hours after the deal was suspended and now faces an investigation by American regulatory authorities into alleged misuse of customer deposits.Bankman-Fried, who on Wednesday told investors that FTX may have to seek bankruptcy if it doesn’t get a rescue, announced the move in a series of tweets on Thursday, adding that FTX is “spending the week doing everything we can to raise liquidity.The firm was plunged into crisis when a proposed rescue deal with Binance, a company that sponsors Formula One rivals Alpine, collapsed.“I fucked up,” Bankman-Fried told investors on the call, according to people with knowledge of the conversation.

READ: Mercedes signed a sponsorship deal with FTX in September, 2021 when they were the reigning champions.Alameda Research was a crucial part of his crypto empire, though questions around its balance sheet had been swirling after an article by CoinDesk earlier this month.“Some investments will surprise to the upside, and some will surprise to the downside.“As a first step, we have suspended our partnership agreement with FTX," said Mercedes spokesperson.“This means the company will no longer appear on our race car and other branded assets from this weekend.“It is a business that relies on having the confidence of its counterparties, and confidence in Alameda has been irreparably harmed.We will continue to monitor closely the situation as it evolves., Tiger Global Management and SoftBank Group Corp." The FTX logo had previously been conspicuous on the rear wing of the Mercedes cars.The Bahamas-based firm also became a force across the entire crypto ecosystem, with investments in decentralised lending, venture-backed companies and projects and even, it seemed, providing distressed lending.US authorities are investigating FTX, the vast bulk of Bankman-Fried’s wealth has evaporated and rivals are benefiting from his woes.

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Fallen crypto mogul Bankman-Fried to shut Alameda Research as FTX teetersClosure of Alameda could ripple through markets because of its wide reach in the crypto industry

Sequoia Capital writes down entire value of its FTX stakeSequoiaCapital wrote down the full value of its holdings in FTX, a signal the venture capital firm sees no clear path to recouping its investment in the embattled cryptocurrency exchange. Moneyweb DigitalCurrency

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