The Jersey City-based firm has more than 100,000 creditors and between US$1 billion and US$10 billion in both assets and liabilities, it said in its petition to file for Chapter 11 bankruptcy in New Jersey. (The Logic)
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The Jersey City-based firm has more than 100,000 creditors and between US$1 billion and US$10 billion in both assets and liabilities, it said in its petition to file for Chapter 11 bankruptcy in New Jersey. (The Logic)
Talking point: The collapse of FTX, the Bahamas-based cryptocurrency-trading platform once valued at US$32 billion that also filed for bankruptcy protection earlier this month, is directly related to BlockFi’s troubles. In July, FTX’s U.S. arm announced an agreement to provide BlockFi with a US$400-million credit facility that gave the crypto platform the right to acquire the lender. In mid-November, a few days after FTX’s bankruptcy filing, BlockFi paused withdrawals, saying it had significant exposure to FTX and FTX’s sister trading firm, Alameda. In February, BlockFi agreed to pay US$100 million in penalties as part of a settlement with the U.S. Securities and Exchange Commission over allegations it failed to register its retail crypto-lending product.
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