Billy Monger crashed heavily in the sixth round of the F4 British Championship at the Leicestershire circuit on Sunday. "@BillyMonger", tweeted the Force India driver.
"Thoughts and prayers are with you and your family", Hamilton wrote on Twitter after hearing the sad news.
Monger's family have been seeking donations to assist with the "care, treatments and therapies" associated with his recovery.
Thanks to an incredible show of support from the motorsport community and donations from high-profile figures such a Jenson Button, Chip Ganassi and Jose Maria Lopez, this total was surpassed in around six hours, enjoying wide-reach on social media. The "gifted" racer was airlifted to hospital after medics treated him trackside for more than 90 minutes.
Billy Monger hit the stationary auto of Patrick Pasma and got trapped for an hour and a half at the central England circuit.
The teen was stuck in his auto for an hour and a half until he could be airlifted to a hospital in Nottingham, but sadly medics could not save his legs.More news: Juventus coach Max Allegri happy to reach Coppa final despite defeat
A statement on the fund-raising page said, "After being involved in one of the most horrific crashes motorsport has seen Billy Monger is a teenager that needs little introduction".
The accident has proved to be life-changing for the 17-year-old who has been forced to have an amputation below the knee on both his legs.
The post, which is signed by Steven Hunter/JHR Developments and the Monger family, continues: 'We are in the process of establishing a trust to receive, hold, manage and expend funds for Billy's benefit.
British F4 officials say Monger is in a "critical, but stable condition", having had both legs amputated while in an induced coma.
After he was pulled from the vehicle, Monger was airlifted to Queen's Medical Centre.
Furthermore, they would like to thank Billy's colleagues, friends, fans and everyone who has demonstrated their affection for him over the past few days.