Cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection in the United States on Monday, just days after suspending withdrawals amid the fallout from FTX.
The FTX contagion has claimed another victim. Crypto lender and financial services firm BlockFi filed for Chapter 11 bankruptcy on Monday, making it the latest firm in the crypto industry to have suffered under the implosion of Sam Bankman-Fried’s crypto empire. In an official announcement, the New Jersey-based company said it “will focus on recovering all obligations owed to BlockFi,” but that “recoveries from FTX will be delayed” due to the ongoing bankruptcy proceeding at the exchange.
Mark Renzi of Berkeley Research Group, the company’s financial advisor, said:
With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company. Adding, “From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance t
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