Big companies like Samsung, BlackRock are also victims of the collapse of FTX

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2022-12-03 09:09:42

The CEO of the investment fund holding more than 10 trillion USD – BlackRock confirmed that the amount invested in FTX was completely lost.

BlackRock’s heavy loss in FTX

BlackRock is a leading US investment management company, with a value of assets under management of up to 10 trillion USD. In an interview at the DealBook conference being held by the New York Times on November 30 (US time), BlackRock CEO Larry Fink revealed the company’s relationship with crypto exchange FTX. Accordingly, in October 2021, the fund made an investment of 24 million USD in FTX. At that time, the exchange raised $420 million in funding rounds and raised its valuation to $25 billion.

Not only BlackRock but many other traditional investment funds have participated in FTX’s continuous fundraising rounds in late 2021 and early 2022. Most notably, names like Temasek of the Singapore government (US$275 million) , Paradigm ($290 million) and Sequoia Capital ($213.5 million),

Samsung’s investment arm, Samsung Next, has also invested in FTX and is unlikely to get the money back.Samsung has said that the amount it has invested in FTX is small compared to the total amount of operations, hence , there is no reason to worry. Even after investing in FTX last year, Samsung has stated that it believes “FTX is leading in Web 3.0”.

With the collapse of the exchange, many funds have announced to accept the loss of these investments. According to the latest updates, FTX owes the 50 largest creditors an amount of up to $3.1 billion.

Mr. Fink also commented that there may have been “managerial irregularities” at FTX, which were also stated in court by interim CEO John J. Ray III, but repeatedly by former CEO Sam Bankman- Fried denied.

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