JUST IN: BlockFi has filed for bankruptcy days after FTX, which had once extended a line of credit to the troubled crypto lender, filed for bankruptcy itself. nikhileshde reports
Crypto lender BlockFi filed for bankruptcy protections Monday, days after suspending withdrawals amid the ongoing fallout from exchange FTX's bankruptcy.
The company announced it was filing for Chapter 11 bankruptcy protections, indicating it hoped to restructure, continuing operations in the meantime. According to , BlockFi has about $257 million in cash on hand. A Bermuda-based affiliate is also filing for liquidation, an equivalent process., BlockFi's executives estimate the company has more than 100,000 creditors, and checked off the ranges saying they estimate the company has between $1 and $10 billion in both assets and liabilities.
The company's largest creditors include West Realm Shires Inc., the business name for FTX US, which has a $275 million unsecured claim, and the Securities and Exchange Commission , which has a $30 million unsecured claim. The majority of the other top 50 creditors' names were not shared.due to the ongoing confusion about FTX's assets, has had a rocky year. The company liquidated a large client earlier this year, and needed a line of credit from FTX to survive earlier this year.
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