Crypto stocks slide as FTX prepares for bankruptcy proceedings

Shares of cryptocurrency and blockchain-related firms dropped on Friday after FTX, one of the biggest crypto exchanges, said it would initiate bankruptcy proceedings in the United States, triggering a potentially massive meltdown in the industry.

"The shock was that this guy was the face of the crypto industry and it turned out that the emperor had no clothes," said Thomas Hayes, managing member at hedge fund Great Hill Capital LLC in New York.The announcement comes days after larger rival Binance walked away from a proposed acquisition of FTX, leaving the distressed firm scrambling to raise about $9.4 billion following a frantic pace of customer withdrawals earlier this week.

Robinhood Markets, which counts Bankman-Fried as an investor, edged 3 per cent higher. The online brokerage said on Thursday it does not have a direct exposure to FTX.

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Analysis:FTX debacle sparks investor rethink of battered crypto marketNEW YORK/LONDON : With major cryptocurrency exchange FTX on the brink of collapse, some investors are beginning to question the viability of a sector already bruised by the bitcoin bubble bursting and closures of key market players.Crypto markets have come under intense pressure this year, as rising inter
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SEC Chair Gensler slams 'non-compliant' crypto industry amid FTX turmoil- CNBCCrypto investors need better protection in a space that is 'significantly non-compliant' despite clear regulations, U.S. Securities and Exchange Commission Chair Gary Gensler said in an interview to CNBC on Thursday. 'The runway is running out. Investors around the globe are getting hurt,' he said while c
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