Former Mercedes sponsor CEO sentenced to 25 years for crypto fraud

Former Mercedes sponsor CEO sentenced to 25 years for crypto fraud

The former sponsor of the Mercedes F1 team, Sam Bankman-Fried, has been handed a 25-year prison sentence after being convicted on seven counts of fraud and conspiracy to launder money. The partnership between Mercedes and cryptocurrency outfit FTX came to an end prior to the 2022 Brazilian Grand Prix, following Bankman-Fried’s legal troubles.

Bankman-Fried was found responsible for a staggering $10 billion in customer money loss and has been ordered to forfeit $11 billion in assets. Judge Lewis Kaplan deemed him a risk for future criminal activity, leading to the harsh sentence. In response to the news, Mercedes has suspended their partnership with FTX.

Despite the setback, Mercedes managed to secure a victory at the 2022 Brazilian GP with driver George Russell. However, they have since struggled against the domination of Red Bull in the F1 circuit. The only non-Red Bull Grand Prix winner since 2022 has been Ferrari’s Carlos Sainz, who clinched the victory at the Australian Grand Prix.

With the focus shifting to the current season, there is speculation about Lewis Hamilton’s performance in what some are calling his worst F1 season. Fans and experts alike are already looking ahead to the 2024 season and debating potential rankings for the veteran driver.

As the F1 season unfolds, the absence of the once high-profile partnership between Mercedes and FTX serves as a reminder of the unpredictable nature of the sport both on and off the track.

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