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.
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
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.