Sam Bankman-Fried, the CEO of FTX, the business that once supported the Mercedes Formula 1 team, was sentenced to 25 years in jail.

Mercedes and cryptocurrency company FTX partnered back in 2021, and as a result, the team’s logo was heavily featured both on the paddock and on the track. However, this collaboration ended before the Brazilian Grand Prix in 2022.

Former CEO of Mercedes Benz imprisoned

At that moment, the firm had filed for bankruptcy, and as a result of fraudulent acts, Bankman-Fried has been sentenced to 25 years in prison.

In addition to being found guilty of seven charges of fraud and conspiracy to launder money, Bankman-Fried was also found guilty of losing around $10 billion in client funds. A federal judge in Manhattan has now sentenced him to prison.

Additionally, Bankam-Fried was forced to turn up $11 billion in assets to the US authorities.

Judge Lewis Kaplan stated, “There is a risk that this man will be in position to do something very bad in the future,” as he imposed the sentence. He continued, saying that Bankman-Fried had never shown “a word of remorse for the commission of terrible crimes,” and that “it’s not a trivial risk at all.”

Mercedes announced in a statement that they have discontinued their cooperation deal with FTX as a first move, after the suspension of their alliance at the 2022 Brazilian Grand Prix.

“This implies that from this weekend, the firm will no longer be visible on our racing vehicle and other branded assets.”

Mercedes’ most recent Formula 1 victory was at the Brazilian Grand Prix in 2022. George Russell won both the sprint race and the Grand Prix, while Lewis Hamilton made sure the team finished in first and second place on Grand Prix Sunday.

Since then, Mercedes has struggled to return to the top step of the podium due to Red Bull’s overwhelming dominance in the competition. Since 2022, Carlos Sainz of Ferrari has won three Grands Prix; his most recent victory came at the Australian Grand Prix. He is the lone non-Red Bull Grand Prix winner.

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