FTX fall left Mercedes in 'utter disbelief', says Wolff
The Hindu
Mercedes suspended its partnership with FTX last week by removing its branding from their cars before of the Brazilian Grand Prix
The collapse of crypto exchange FTX has left Formula One partners Mercedes in 'utter disbelief' and the sector needs regulation, team principal Toto Wolff said.
Mercedes suspended the partnership last week, removing FTX branding from their cars and other assets ahead of the Brazilian Grand Prix.
FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and market leader Binance abandoning a rescue offer.
Speaking to reporters on a video call after Mercedes finished one-two in the race at Interlagos, Wolff said he remained convinced of crypto's relevance and believed in blockchain.
"But this situation is very unfortunate. We considered FTX because they were one of the most credible and solid, financially sound partners that were out there," he said.
"And out of nowhere we can see that a crypto company can basically be on its knees and gone (in) one week. That shows how vulnerable the sector still is.
"It's unregulated and I believe it needs to find its way into regulations because there's so many customers, investors and partners like us that have been left in utter disbelief at what has happened."
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