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BlackRock CEO Larry Fink Says Firm Invested $24M in FTX: Reuters
The executive said it appears there were "misbehaviors" at FTX.
By Nelson Wang
Updated May 9, 2023, 4:03 a.m. Published Nov 30, 2022, 4:03 p.m.
BlackRock CEO Larry Fink said Wednesday that the asset-management giant invested $24 million in FTX before the crypto exchange collapsed, according to Reuters.
Speaking at the New York Times Dealbook conference, Fink also said it looked like there were misbehaviors in FTX, but wouldn't speculate on whether BlackRock and venture-capital firm Sequoia, which had invested $214 million in FTX and has since marked that amount down to zero, were misled by FTX, Reuters reported.
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FTX owes its top 50 creditors more than $3 billion and has an estimated 1 million creditors in total. The firm filed for bankruptcy protection earlier this month after it unraveled in a series of events that was triggered by a CoinDesk article about the balance sheet of Alameda Research, a trading firm affiliated with FTX.
Read more: The FTX Downfall: Full Coverage
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