Crypto-linked stocks tumble after FTX files for bankruptcy
Cryptocurrency-exposed equities plunged early Friday, reversing Thursday's modest bounce after FTX filed for Chapter 11 bankruptcy protection in the U.S. Crypto exchange Coinbase ( COIN ) fell nearly 8%, while shares of MicroStrategy — which holds about 130,000 bitcoins — fell 10%. Crypto-focused bank Silvergate ( SI ) fell 14%, while stocks of bitcoin miners such as Riot Blockchain ( RIOT ) and Marathon Digital ( MARA ) took a significant hit.
FTX Group, which includes the FTX.com entity as well as FTX US, Alameda Research and “approximately 130 additional affiliated companies” have all filed for chapter 11 bankruptcy proceedings, according to a press release. CEO and founder Sam Bankman-Fried also resigned his role, but will "assist in an orderly transition." John Ray III is the new CEO.
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https://markets.businessinsider.com/news/currencies/crypto-linked-stocks-tumble-after-ftx-files-for-bankruptcy-1031904866
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