The company had already halted most activities on its platform since mid-November, citing “significant exposure” to FTX
After the collapse of FTX, which filed for bankruptcy on November 11, in the biggest crypto bankruptcy to date, it is the turn of crypto company BlockFi, which also filed for bankruptcy in the US.
The company had already halted most activities on its platform since mid-November, citing “significant exposure” to FTX.
BlockFi said it is seeking court protection to restructure, settle its debts and recover money for investors.
BlockFi entered into a bailout deal from FTX earlier this year as cryptocurrency values ​​plummeted. But FTX faced its own problems.
The collapse of FTX has shaken the crypto industry and prompted scrutiny from regulators.
New Jersey-based BlockFi said it owed money to more than 100,000 creditors and announced that the Chapter 11 bankruptcy filing will allow the company to develop a “reorganization plan that maximizes value for all stakeholders, including our valued customers ».
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