Crypto collapse: The BlockFi website on a smartphone of a user in Brooklyn, New York. The cryptocurrency lender says it has around US$257mil of cash on hand and is starting an internal plan to considerably reduce expenses. — Bloomberg
NEW YORK: Lender BlockFi Inc is filing for bankruptcy, becoming the latest digital asset firm to fail in the aftermath of the collapse of crypto exchange FTX.
BlockFi said in a statement that it will use the Chapter 11 process to “focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities,” adding that recoveries are likely to be delayed by FTX’s own bankruptcy.
