Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX. In the filing, the company indicated that it had more than 100,000 creditors, with liabilities and assets ranging to $10 billion.
In the filing, the company listed an outstanding $275 million loan to FTX US, the American arm of Sam Bankman-Fried’s now-bankrupt empire. Like FTX, BlockFi also has a Bahamian subsidiary. That subsidiary moved for bankruptcy in the Bahamas concurrently with the American filing.
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Crypto firm BlockFi files for bankruptcy as FTX fallout spreads https://t.co/YmYY20VkRY
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