F1 teams split with crypto sponsors

The crypto hype in Formula 1 is definitely over.

Late last year, Mercedes took FTX branding off its Formula 1 car as the cryptocurrency exchange collapsed - later leading to the arrest of its boss Sam Bankman-Fried.

It now emerges that, over the winter break, Ferrari has also split with its own major cryptocurrency-related backer - the blockchain platform Velas.

"The agreement with Velas was terminated ahead of schedule," a Ferrari source said in the Italian media.

"We will not comment on issues that are the subject of dispute."

Similarly, Red Bull has split with blockchain platform and Formula 1 sponsor Tezos, while according to Auto Motor und Sport the logos of Alpha Tauri backer Fantom have disappeared from the team’s sponsor list.