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

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

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