FTX CEO Sentenced to 25 Years in Prison; Mercedes Ends Partnership
Former sponsor of the Mercedes Formula 1 team, Sam Bankman-Fried, CEO of FTX, has been sentenced to 25 years in prison. This comes after Bankman-Fried was convicted on seven counts of fraud and conspiracy to launder money, and was responsible for losing $10 billion in customer money.
Mercedes had ended their partnership with FTX before the 2022 Brazilian Grand Prix, following the company’s bankruptcy filing. The judge in Manhattan federal court also ordered Bankman-Fried to forfeit $11 billion in assets to the US government.
As a result of Bankman-Fried’s sentencing, Mercedes suspended their partnership with FTX, removing the company’s branding from their race car and assets. Since then, Mercedes has struggled in Formula 1, with Red Bull dominating the sport. The only non-Red Bull race winner since 2022 has been Ferrari’s Carlos Sainz, who won the Australian Grand Prix.
Despite these challenges, Mercedes managed to secure a 1-2 finish at the 2022 Brazilian Grand Prix, with George Russell and Lewis Hamilton taking the top spots. However, the team has not been able to secure a victory since their partnership with FTX was suspended.
The future of Mercedes in Formula 1 remains uncertain as they navigate the fallout from Bankman-Fried’s legal troubles and their partnership with FTX. Fans will have to wait and see how the team performs in upcoming races without their former sponsor. Stay tuned to Road Rug Cars for more updates on this developing story.
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