BlackRock CEO Larry Fink ascribes the downfall of FTX to its own token, leaving others to fear the same scenario may transpire for Binance.
BlackRock’s chief executive spoke about his company’s involvement with FTX with Andrew Sorkin at the New York Times’ DealBook conference. He said that BlackRock had invested $24 million in FTX through a fund it managed before the exchange’s collapse.
In spite of this, Fink declined to say that his company had been defrauded by FTX. “We’re going to have to wait to see how this all plays out,” Fink said. “I mean, right now we can make all the judgment calls, and it looks like there were misbehaviors of major consequences.”
However, the BlackRock chief executive did not hesitate to pinpoint the catalyst of the exchange’s cataclysmic downfall. “FTX failed because it created its own token,” Fink said. While he said that many crypto companies would not survive the ensuing…
