BlockFi is preparing to once again to lay off staffers as the crypto lender considers a possible bankruptcy filing, the Wall Street Journal reported Tuesday.
The move, per the Journal’s report, is the latest contagion directly stemming from the sudden blow-up of crypto exchange FTX — which sent digital asset markets reeling and triggered a rush of big-money withdrawals from centralized exchanges into safer cold storage solutions.
In an ironic twist, FTX in July had planned to acquire BlockFi outright for up to $240 million, depending on the startup’s performance triggers. That potential acquisition came with a precursor: a $400 million revolving line of credit designed to keep BlockFi afloat as the lender worked to limit its exposures to the meltdown in crypto borrowing markets following the implosion of Three Arrows Capital.
It was one of a number of substantial revolving credit lines FTX floated to embattled firms at the time, typically with the intent, or the option, to lat
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