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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