A key sponsor of the Mercedes Formula 1 team, FTX, has filed for bankruptcy, hours after the team suspended its deal with the cryptocurrency business. FTX is facing an investigation by American authorities after allegedly misusing customer deposits. The firm was plunged into crisis over the past week with a proposed to deal to be rescued by Binance, who sponsor Alpine, falling through. The cryptocurrency exchange company has prominent branding on the Mercedes W13 and driver race suits, but the eight-time Constructors' Champions have removed all FTX logos ahead of the Brazilian Grand Prix weekend. The absence of the logo on the rear wing can be seen in the image above, with Mercedes making the decision prior to any running. It is not just in F1 that FTX has a presence, with a lucrative deal in place with Miami Heat of the NBA for naming rights to their home stadium, as well as enjoying one with the Major Baseball League.
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