Bleak future projected for crypto industry

Most cryptocurrency companies will probably fold in the wake of the FTX collapse, the BlackRock boss says

The collapse of the FTX exchange threatens to topple more cryptocurrency companies, BlackRock chief executive Larry Fink warned during the New York Times DealBook summit.

BlackRock, the world’s biggest asset manager, is among the financial firms affected by the bankruptcy of the Bahamas-based crypto exchange. Fink’s company manages $10 trillion in assets on behalf of clients ranging from huge pension funds to high-net-worth individuals.

“I actually believe most of the companies are not going to be around,” the long-time skeptic of cryptocurrencies stated. Fink also disclosed that his company had invested roughly $24 million in FTX.

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