February 24, 2024

Crypto firm BlockFi files for bankruptcy as FTX fallout spreads

Published Mon, Nov 28 202210:28 AM ESTUpdated 5 Hours Ago

MacKenzie Sigalos@KENZIESIGALOS

Lillian Rizzo@Lilliannnn

Rohan Goswami@moleskinemaniac

  • Crypto firm BlockFi filed for Chapter 11 bankruptcy protection in the wake of FTX’s bankruptcy.
  • It’s the latest in a series of crypto bankruptcies, following FTX, Voyager and Celsius.

Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX.

In the filing, the company indicated that it had more than 100,000 creditors, with liabilities and assets ranging from $1 billion to $10 billion.

In the filing, the company listed an outstanding $275 million loan to FTX US, the American arm of Sam Bankman-Fried’s now-bankrupt empire.

To continue reading at original source; https://www.cnbc.com/2022/11/28/blockfi-files-for-bankruptcy-as-ftx-fallout-spreads.html

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