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, blockchain platform and Formula 1 sponsor Tezos is no longer with Red Bull, while according to Auto Motor und Sport the logos of Alpha Tauri backer Fantom have disappeared from the team's sponsor list.
"The Tezos Foundation decided not to renew its agreement with Red Bull Racing as it was no longer in line with its current strategy," said Mason Edwards, Chief Commercial Officer of the Tezos Foundation.
