BlockFi

The demise of FTX, the crypto exchange run by Sam Bankman-Fried,…

The crypto industry’s biggest secret - the Shadow Banking System, where cryptocurrencies worth billions of dollars are borrowed & lent on an un-collateralized basis, between some of the industry’s biggest names, was exposed in recent months as the biggest driver of the spectacular bull market... as well the collapse & contagion that is still ongoing. While the crypto shadow banks are going through their most difficult moments, it was the Securities and Exchange Commission’s (SEC’s) decision to declare a lending…

FTX customers filed a class action lawsuit against the failed crypto exchange and its former top executives including Sam Bankman-Fried on Tuesday, seeking a declaration that the company's holdings of digital assets belong to customers. The lawsuit is the latest legal effort to lay claim to the dwindling assets of FTX, which is already feuding with liquidators in the Bahamas and Antigua as well as the bankruptcy estate of Blockfi, another failed crypto company. FTX pledged to segregate customer accounts and instead…

Turmoil in the cryptocurrency industry has rattled major exchanges and sent the value of digital assets tumbling, but at least one group stands to gain: bankruptcy lawyers. Turmoil in the cryptocurrency industry has rattled major exchanges and sent the value of digital assets tumbling, but at least one group stands to gain: bankruptcy lawyers. High-profile bankruptcies involving crypto exchange FTX, hedge fund Three Arrows Capital and crypto lenders BlockFi, Celsius Network and Voyager Digital Ltd are generating new…

Bitfront, a US crypto exchange backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry. "However, despite our efforts ... we have regretfully determined that we need to shut down Bitfront in order to continue growing the LINE blockchain ecosystem and LINK token economy," the California-based company said in a statement on its website. Bitfront said the move…

The "questionable practices" at now collapsed crypto exchange FTX would not have been allowed to happen under European Union rules that need to be finalised urgently, a senior European Commission official said. The crash in bitcoin led to a "crypto winter", which saw the collapse of crypto exchange FTX, and earlier this week cryptocurrency lender BlockFi filed for bankruptcy protection. The European Union has reached agreement on groundbreaking markets in cryptoassets rules (MiCA) for licensing and supervision, expected…

The bankruptcy of BlockFi which offers USD loans led to the fall of Cryptocurrencies.  Cryptocurrencies have seen tremendous growth this year until BlockFi claimed bankruptcy, Cryptocurrencies that fell soon after this are the top Cryptocurrencies in recent times and now they are at stake since BlockFi disclosed that it is claiming bankruptcy. BlockFi attributed its liquidity crisis to its exposure to FTX through loans to Alameda, an FTX-affiliated cryptocurrency trading company. According to BlockFi, its …

Top Tech News Today: Meta is Fined for US$275 Million for Violating EU Rules! BlockFi Files for Bankruptcy After FTX’s Massive Fall by IndustryTrends November 29, 2022 Meta is being fined over US$200 million for violating critical EU rules! Read more tech newsGood morning tech fam, here are some quick tech updates for you to catch on to!What’s New Today: Indian edtech platform founder, Gaurav Munjal says that the next year will be even worse for the tech industry than 2022.Fast-Track Insights: Global crypto exchange…

BlockFi Inc. was shocked by allegations of systemic failures at FTX, with which it has extensive business, and now the cryptocurrency lender is working hard to return customer funds after filing for bankruptcy this week, a BlockFi lawyer said Tuesday.  Jersey City, N.J.-based BlockFi, which secured a rescue loan from FTX in June to shore up its liquidity, reviewed unaudited FTX financial reports as part of due diligence it performed at the time of the transactions, said Joshua Sussberg, a lawyer for…

BlockFi on Tuesday will make its first appearance in U.S. bankruptcy court after filing for Chapter 11 protection on Monday. U.S. cryptocurrency lender BlockFi on Tuesday will make its first appearance in U.S. bankruptcy court after filing for Chapter 11 protection on Monday.BlockFi is expected to tell U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey why it went bankrupt and how it plans to exit from Chapter 11. It has asked Kaplan for authority to continue paying employees, maintain bank accounts, and other…