Toto Wolff’s warning comes true as two sponsors tear up Ferrari contract

Ferrari entered a deal with crypto company Velas at the end of 2021, with it believed to be worth $30 million a year.

Toto Wolff’s cryptocurrency warning is beginning to come true, with Ferrari having reportedly terminated their contract with crypto company Velas and semi-conductor company Snapdragon, according to

It will come at a huge loss for the Maranello-based side, with the two companies having increased the Italians revenue by $55 million, something which will potentially give the front-running team a financial headache.

News of Ferrari dropping two of their premium sponsors came to light after the team dropped the logo of each company from their partners list, with the termination of their deal with Velas potentially set to result in legal action.

According to, Ferrari failed to meet clauses in their contract with Velas, with the issue believed to be in regard to Velas creating Ferrari-themed NFTs.

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As a result, both parties are reportedly considering legal action, with the deal having originally been agreed to be a long-term one to create unique fan experiences.

Whilst Ferrari might receive a headache over the coming weeks whilst dealing with Velas, the termination of their deal with Snapdragon is believed to have been a mutual decision, with a statement expected anytime.

Velas are also believed to be enduring financial difficulties, another aspect that may have led to Ferrari’s decision of dropping their crypto partner.

By ending their partnership with Velas, Ferrari follow Mercedes in having dropped their crypto partner, something the Silver Arrows did last November after FTX filed for bankruptcy.

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FTX had been an incredibly stable cryptocurrency exchange site and one that Wolff believed in, with the Austrian having sent a stark warning to the entire paddock that their crypto sponsor could collapse at any given moment just as FTX did.

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“Every team has sponsors like that and so does the Formula 1 organisation. Everyone would be affected,” Wolff previously warned.

“FTX was considered a solid company whose bankruptcy is a huge damper not only for us but for the entire crypto industry. This bankruptcy with a deficit of $8 billion shows how uncontrolled the entire industry is.”

Losing $55 million in revenue will come as a massive blow for Ferrari, with it set to be fascinating to see how this affects their operations both on and off the circuit.