Cryptocurrency bank BlockFi files for bankruptcy


U.S. cryptocurrency bank BlockFi said on Monday it had filed for bankruptcy along with eight of its affiliates, in the latest casualty since FTX collapsed earlier this month.

BlockFi had previously halted withdrawals from its platform and acknowledged that it had “significant exposure” to FTX and its associated entities.

BlockFi’s recovery filing comes more than a week after FTX filed for creditor protection in the US and its founder, Sam Bankman-Fried, resigned as chief executive.

In July, FTX had signed an agreement with BlockFi to provide the company with a $400 million revolving credit facility and an option to buy it for up to $240 million.

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