BlockFi exploring a bankruptcy filing

FTX founder Bankman-Fried objects to tighter bail, says prosecutors 'sandbagged' him

BlockFi exploring a bankruptcy filing - WSJ

Cryptocurrency Nov 15, 2022 01:36PM ET

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BlockFi exploring a bankruptcy filing - WSJ

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By Sam Boughedda

Cryptocurrency lender BlockFi is exploring a bankruptcy filing, according to a report by The Wall Street Journal on Tuesday.

Last week, BlockFi halted withdrawals and limited activity on its platform, explaining that it has "significant exposure" to FTX as crypto firms feel the knock-on effects of the exchange's collapse.

The WSJ reported that people familiar with the matter said BlockFi is now preparing to lay off some of its workforce, while potentially planning for a chapter 11 filing itself.

BlockFi tweeted a statement last week to say it is not able to operate business as usual, given the lack of clarity surrounding FTX, FTX US, and Alameda.

In a statement on Monday, it said it "is working around the clock to achieve the best possible outcome given last week's events." The firm also explained rumors that "a majority of BlockFi assets are custodied at FTX are false," but they 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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Comments (1)

San Marina Nov 16, 2022 8:47AM ET

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Block User

More to come. Domino effect of shallow and scam businesses. No surprise.

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BlockFi exploring a bankruptcy filing - WSJ

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