The cryptocurrency company FuturoCoin announced that it will be sponsoring the Aston Martin Red Bull Racing (RBR) Formula One team. This is the first time that there is a deal between a Formula 1 team and a digital currency or blockchain company.

However, there are some red flags about this new sponsor. According to a recent report released by Behind MLM, FutureNet, which seems to be the company working with FuturoCoin, has been using proceeds of a global Ponzi scheme to pay for this sponsorship.

In a recent statement, Christian Horner, the Team Principal of the Red Bull Racing Formula One team, commented:

“Being sponsored by a cryptocurrency company is another ‘big step’ for F1.”

He went on saying that virtual currencies are one of the leading technologies that are currently being developed and that Aston Martin Red Bull is excited about being part of it.

As per the report released by Behind MLM, FutureNet manages a six-tier Ponzi cycler that moves on with a mandatory investment requirement that was imposed on affiliates. In the past, FutureAdNet, the Ponzi scheme of FutureNet, collapsed two times int he past.

At the moment, FuturoCoin is the virtual currency used to conduct most of the fraudulent business. During 2018, the company was able to list FuturoCoin. Now, this digital asset is being traded around $4.85 and reached an all-time high of almost $18 in June 2018.

Behind MLM explains that FuturoCoin serves no purpose.FutureNet uses the FuturoCoin to pay for affiliates and offload the majority of its ROI liabilities directly onto new investors.

Roman Ziemian, the founder of FuturoCoin, commented about this agreement:

“Cryptocurrencies and Formula One are very similar and their values are much alike; speed, technology and being ahead of their time. I’m a huge fan of motorsports and F1 has always intrigued me. The sponsorship is an exciting new chapter for our company and will be a global platform for us to drive awareness of FuturoCoin.”

With this agreement, the logo of the digital currency will be appearing on drivers’ overalls. The drivers Max Verstappen and Pierre Gasly will be using cars with their logo.

This is not the first cryptocurrency and company that is currently sponsoring a popular company or sports event. A few weeks ago, Litecoin (LTC), one of the most popular digital assets in the market, sponsored the UFC 232 event. The brand new Litecoin logo was displayed at the event.

The popular football player, Lionel Messi, endorsed Sirin Labs, a blockchain-based mobile phone developer back in December 2017, when virtual currencies were reaching their best moment in the market.

In the future, if there is a problem with FutureNet and FutureCoin, this is not going to be good for Aston Martin Red Bull F1. Just to mention an example, BitConnect (BCC) affected the whole market when its Ponzi and pyramid schemes failed.

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