The collapse of the worlds third largest cryptocurrency exchange FTX has claimed another victim, with crypto lender BlockFi filing for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jerseyon Monday.
In its bankruptcy filing, the company stated that it had liabilities and assets ranging from $1 billion to $10 billion and over100,000 creditors.
On Nov. 11, the same day FTX filed for bankruptcy, BlockFi, which allowed users to receive yields for depositing dormant cryptocurrency on the platform, stopped allowing withdrawals.
With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company, said Mark Renzi of Berkeley…
Read the full article at: https://www.benzinga.com/markets/cryptocurrency/22/11/29871837/crypto-lender-blockfi-declares-bankruptcy-as-ftx-aftermath-continues-what-you-need-to-know