Crypto finance firm BlockFi files for bankruptcy following the fall of FTX

-
A coin is set aflame to reveal a digital wireframe underneath.
Illustration by Alex Castro / The Verge

BlockFi has become the latest crypto firm to file for Chapter 11 bankruptcy a couple of weeks after pausing withdrawals on November 10th. The company is citing a “lack of clarity” around the circumstances of FTX, the collapsed firm going through its own bankruptcy process amid accusations of fraud and shoddy record-keeping. In a press release posted on Monday, BlockFi announced it’s filing for bankruptcy to help “stabilize its business.”

The bankruptcy filing submitted in New Jersey lists Ankura Trust Company as its largest creditor, to the tune of $729 million, followed by FTX US at $275 million. The SEC is fourth on the list, owed $30 million as a result of penalties laid down earlier this year.

Image: BlockFi
B...

Continue reading…



source https://www.theverge.com/2022/11/28/23460543/blockfi-ftx-chapter-11-bankruptcy-crypto

Comments

Post a Comment

Popular posts from this blog

In a world first, China lands a spacecraft gently on the Moon’s far side

-
Image
This evening, China became the first nation to land a spacecraft gently on the far side of the Moon, according to China Global Television Network America . A Chinese robotic lander and rover, which launched from China in early December, descended into a crater on the side of the Moon that’s always facing away from Earth. The touchdown marks a significant technological feat for the country, and puts China in an elite category of spaceflight achievement all its own. The landing is part of China’s Chang’e-4 mission — one of a series of planned missions to explore the lunar surface. Prior to this program, China sent a lander and a rover to the Moon, making it the third country to ever softly land on the lunar surface. That lander, part of the... Continue reading… source https://www.theverge.com/2019/1/2/18165807/china-change-4-mission-lunar-lander-rover-moon-farside
Read more

Snap suspends two anonymous messaging apps after cyberbullying lawsuit

-
Image
Images from Yolo’s now-removed App Store listing. | Image: Yolo Technologies Snap will suspend two anonymous messaging integrations from Snapchat after a lawsuit sought to hold them responsible for a teenager’s death, the Los Angeles Times reports . The lawsuit was filed on Monday by Kristin Bride, the mother of a teenager who died by suicide in June after being bullied on the two apps. “In light of the serious allegations raised by the lawsuit, and out of an abundance of caution for the safety of the Snapchat community, we are suspending both Yolo and LMK’s Snap Kit integrations while we investigate these claims,” a spokesperson for Snap said in a statement. Representatives for the two apps, Yolo and LMK, did not immediately respond to The Verge ’s request for comment. “We are suspending both Yolo and LMK’s Snap... Continue reading… source https://www.theverge.com/2021/5/12/22431883/snap-inc-snapchat-anonymous-messaging-qa-lawsuit-teenager-death
Read more