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Crypto lender BlockFi files for Chapter 11 bankruptcy amid FTX fallout

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Crypto lender BlockFi
Crypto lender BlockFi

BlockFi, a cryptocurrency lender, has filed for Chapter 11 bankruptcy.

Soon after, FTX agreed to provide a $400 million credit line to BlockFi.

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BlockFi looks forward to a transparent process that results in the best possible outcome for all clients and stakeholders.”

Furthermore, BlockFi claims to have $256.9 million in cash on hand, which should be enough to maintain “certain activities during the reorganization process,” such as paying staff paychecks and continuing benefits.

According to the regulator, the business allegedly made “false and deceptive” assertions about the degree of risk in its lending operations and loan portfolio.

 

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