Crypto lender BlockFi files for bankruptcy after FTX collapse

November 28, 2022
Posted by: AliensFaith
Category: OBJECTIVE PRESS

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BlockFi announces Chapter 11 bankruptcy filing in US as fall of FTX continues to reverberate across industry

The crypto lender BlockFi has become the sector’s latest big operator to declare bankruptcy, as the fallout of the collapse of offshore cryptocurrency exchange FTX continues to spread.

BlockFi, which operates in a similar fashion to a conventional bank, paying interest on savings and using customer deposits to fund lending, says it has $256.9m cash in hand. According to court documents, its creditors include FTX itself, to which it owes $275m, and the US Securities and Exchange Commission (SEC), to which it owes $30m.

Author: AliensFaith

HighTech FinTech researcher, university lecturer & Scholar. He is studying his second doctoral degree at the Hague International University. Studying different fields of Sciences gave him a broad understanding of various aspects of life. His recent researches covered AI, Machine-learning & Automation concepts. The Information Technology Skills & Knowledge gave his company a higher position over other regional high-tech consultancy services. The other qualities and activities which can describe him are a Hobbyist Programmer, Achiever, Strategic Thinker, Futuristic person, and Frequent Traveler.

Crypto lender BlockFi files for bankruptcy after FTX collapse

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