Mercedes boss Toto Wolff in ‘disbelief’ as team’s partner collapses

Toto Wolff is in “utter disbelief.” (Image: GETTY)Mercedes supremo Toto Wolff is in “disbelief” after the collapse of crypto exchange left FTX filing for bankruptcy. The Bahamas-based company, and a partner of the F1 giants, undertook the action on Friday after being hit by customers withdrawing their assets.As a result, FTX released the following statement: ‘FTX is currently unable to process withdrawals. We strongly advise against depositing. Deposits of TRX, BTT, JST, SUN, and HT are disabled. All onboarding of new clients has been suspended until further notice.’Mercedes then duly suspended their relationship with their partners. As a result, the ‘Silver Arrows’ removed all FTX sponsorship branding from their cars and other assets ahead of the Brazilian Grand Prix, which was won by George Russell.Team Principal Wolff was absent from Interlagos as his team notched their first race win of the year, with Lewis Hamilton making it a famous day by finishing second behind Russell. But he has had his say on the concerning development with FTX, and reiterated his belief in crypto.JUST IN: Max Verstappen gives blase interview accepting he cost Lewis Hamilton ‘the race win’ Woldd recently attended 2022 Web Summit In Lisbon. (Image: Getty)’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,’ Wolff said, via grandprix247.com. ‘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.’And he also called for more stringent regulations to prevent further problems: ‘There’s so many customers, investors and partners like us that have been left in utter disbelief at what has happened.”DON’T MISS:Max Verstappen suggests Sergio Perez bad blood as drivers hold crunch Red Bull meetingSergio Perez enraged with six-word response to Max Verstappen defying Red Bull team ordersMax Verstappen wins new award just a day after disobeying Red Bull orders at Brazilian GP Wolff was absent as George Russell won in Brazil. (Image: Getty)