The post BlockFi Files For Chapter 11 Bankruptcy Protection appeared first on Coinpedia Fintech News
Another crypto company has recently fallen victim to the FTX contagion. As reported by Reuters, BlockFi, a cryptocurrency lender and financial services firm filed for bankruptcy protection on Monday. On November 11, the same day FTX filed for bankruptcy, BlockFi first stopped allowing withdrawals.
“We, like the rest of the world, found out about this situation through Twitter. We are shocked and dismayed by the news regarding FTX and Alameda,” BlockFi wrote in a letter at that time. A few weeks ago, the company had stated it had $256.9m in cash on hand, which should be enough to fund continued operations. Additionally, it stated that platform operations are currently suspended.
BlockFi stated on its website a few days after FTX filed for bankruptcy that it was unable to conduct normal business, acknowledged that it had “significant exposure” to FTX, and would evaluate effort
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