Several layoffs and withdrawal halt were witnessed on a regular basis post-FTX crash.
More than 100,000 people are listed as creditors in the bankruptcy petition.
A series of tragic incidents have unfolded over the last several weeks in the realm of cryptocurrency. After the FTX collapse, many in the crypto community were terrified. Several layoffs and withdrawal halt was witnessed on a regular basis.
The cryptocurrency lending platform BlockFi was hit hard by the decline of FTX. While the dust settled, BlockFi suspended withdrawals on their platform. There were rumors that BlockFi was making bankruptcy plans. The worst fears have been realized as the crypto lender has formally filed for bankruptcy.
Struggle Continues For Investors
In light of current information, BlockFi and eight of its subsidiaries have filed for Chapter 11 bankruptcy protection. The lender’s obligations in the bankruptcy petition are likewise in the billions. More than 100,000 people are listed as creditors in th
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