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BlackRock's Larry Fink thinks most crypto companies will go out of business in the wake of FTX's collapse

Added 12-01-22 06:14:02am EST - “"I actually believe most of the companies are not going to be around," Fink told the New York Times DealBook summit Wednesday.” - Markets.businessinsider.com

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Posted By TheNewsCommenter: From Markets.businessinsider.com: “BlackRock's Larry Fink thinks most crypto companies will go out of business in the wake of FTX's collapse”. Below is an excerpt from the article.

More crypto companies are likely to go under in the aftermath of FTX's bankruptcy filing, Larry Fink has warned.

"I actually believe most of the companies are not going to be around," the BlackRock chief executive said in an interview at the New York Times DealBook summit Wednesday.

Fink also said that BlackRock had invested $24 million into FTX through a fund of funds vehicle. The company manages $10 trillion in assets on behalf of clients ranging from huge pension funds to high-net-worth individuals.

FTX collapsed last month after a report by CoinDesk showed that sister trading firm Alameda Research counted the exchange's native FTT token as a significant part of its portfolio, triggering a solvency crisis.

The failed exchange's Chapter 11 bankruptcy filing showed it held just $659,000 worth of crypto and hadn't produced reliable financial statements for its investors — leading to fraud allegations against founder Sam Bankman-Fried.

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