Crypto firm BlockFi files for bankruptcy as FTX fallout spreads

Jakub Porzycki | Nurphoto | Getty Images (Fair Use)

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.

A BlockFi subsidiary also moved for bankruptcy in Bermuda concurrently with the American filing.

https://www.cnbc.com/2022/11/28/blockfi-files-for-bankruptcy-as-ftx-fallout-spreads.html