Crypto Giant BlockFi files for Chapter 11 Bankruptcy

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SOURCE: BlockFi files for bankruptcy as FTX fallout spreads (cnbc.com)

  • 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.
  • The company indicated that it had more than 100,000 creditors, with liabilities and assets ranging from $1 billion to $10 billion. The company’s largest disclosed client has a balance of nearly $28 million.
  • The company listed an outstanding $275 million loan to FTX US, the American arm of Sam Bankman-Fried’s now-bankrupt empire.
  • “We do have significant exposure to FTX and associated corporate entities that encompasses obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line with FTX.US”
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