Formula 1's crypto hype is over as more teams cut ties with major 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 F1 sponsor Tezos, while according to Auto Motor und Sport the logos of Alpha Tauri backer Fantom have disappeared from the team's sponsor list.