Dan Istitene – Formula 1/Formule 1 via Getty Images
The Formula 1 team Mercedes-AMG Petronas announced on Friday the suspension of its partnership with the crypto exchange FTX.
According TMZ Sportsthe team said it would remove the FTX logo from its cars after the company filed for Chapter 11 bankruptcy this week.
Mercedes-AMG Petronas is led by seven-time F1 points champion Lewis Hamilton, making him one of many top athletes to be hit by FTX’s dip.
TMZ Sports noted that Tampa Bay Buccaneers quarterback Tom Brady, Golden State Warriors guard Stephen Curry, Los Angeles Angels pitcher and designated hitter Shohei Ohtani and tennis star Naomi Osaka are all involved with FTX.
Additionally, the NBA’s Miami Heat renamed their home venue FTX Arena next year, though that partnership is likely in jeopardy.
FTX has reportedly filed for bankruptcy because it was insolvent and unable to pay customers, despite recently being worth $30 billion and claiming this week that it was “100% liquid”.
The decision to remove the FTX logo from its cars has been a U-turn for Mercedes-AMG Petronas ever since. Jonathan Noble of Motorsport.com reported on Thursday that the team has decided to stick with the decals for this weekend’s race.
Instead, Hamilton and teammate George Russell will be free of FTX advertising on their cars for Sunday’s Brazilian Grand Prix.