BlockFi

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…

BlockFi Inc. was shocked by allegations of potential fraud at FTX, which provided the cryptocurrency lender with a financial lifeline that fell apart following FTX’s collapse, a lawyer representing BlockFi said Tuesday. Jersey City, N.J.-based BlockFi was caught off guard by allegations of serious internal problems and potential fraud at FTX under the leadership of co-founder Sam Bankman-Fried that emerged in the weeks following the platform’s sudden collapse, Joshua Sussberg, a lawyer for BlockFi, said…

Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said, the latest industry casualty after the firm was hurt by exposure to the spectacular collapse of the FTX exchange earlier this month. The filing in a New Jersey court comes as crypto prices have plummeted. The price of bitcoin, the most popular digital currency by far, is down more than 70% from a 2021 peak. "BlockFi's Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem," said…

The FTX contagion has spread to several companies including to crypto lender BlockFi, which on Monday declared bankruptcy. Photo: Maurice NORBERT (Shutterstock)Crypto lender BlockFi was once eager to hand practically anybody a sack of money containing gold-plated crypto coins, without even a bare credit check. Now they themselves would like some investor to lay out some cash without asking too many questions, especially not about their obvious connections and contagion from the fallout of FTX. On Monday, the New…

It is thought the new U.K. government's mini-budget may have made buying a house even more difficult.Photo by LanaStock via Getty ImagesCrypto firm BlockFi on Monday filed for Chapter 11 bankruptcy, two weeks after the collapse of crypto exchange FTX, further complicating taxes for investors during a difficult year.BlockFi, which offers an exchange and an interest-bearing custodial service for cryptocurrency, halted customer withdrawals before the bankruptcy filing, admitting the firm had "significant exposure" to…

Cryptocurrency lender BlockFi Inc. filed for chapter 11 on Monday, following FTX into bankruptcy and spotlighting the contagion effects that the failure of the crypto exchange has unleashed. BlockFi blamed its chapter 11 filing on the downturn in cryptocurrency prices this summer and this month’s failure of FTX, a big exchange with ties throughout the largely unregulated industry. FTX’s affiliated trading firm, Alameda Research, defaulted on $680 million owed to BlockFi earlier this month, the firm…

Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection. The move comes just over two weeks after BlockFi , including withdrawals, in the wake of crypto exchange FTX's implosion. "Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual," the company . Withdrawals remain paused. "BlockFi’s chapter 11 cases will enable BlockFi to stabilize its business and provide BlockFi with the opportunity to consummate a reorganization that maximizes value…

The fallout from FTX’s collapse shows few signs of easing as the crypto industry reckons with direct exposures, plunging token prices, and newfound skepticism. The fallout from FTX's collapse shows few signs of easing as the crypto industry reckons with direct exposures, plunging token prices, and newfound skepticism of even long-established participants.Less than a week after Sam Bankman-Fried's empire filed for Chapter 11 bankruptcy, digital-asset brokerage Genesis said it will halt lending redemptions after…

Photo: T. Schneider (Shutterstock)FTX, the bankrupt crypto exchange that mismanaged customer funds and can’t account for billions in assets, is currently imploding like a dying sun. The wave of financial destruction wrought by the meltdown now threatens to swallow other companies that did business with it, and the latest victim is BlockFi, one of the most well-known decentralized lenders in the crypto sphere.00:19Studenglass Kompact DemonstrationToday 4:09PMOnce an FTX partner, BlockFi now has plans to lay off a…

Sam Bankman-Fried announced he was stepping down as CEO from his crypto exchange FTX.Photo: Alex Wong (Getty Images)RIP FTX. The company announced Friday morning that they were starting Chapter 11, AKA reorganizational bankruptcy proceedings. In addition, CEO Sam Bankman-Fried’s other crypto firm, Alameda Research and Weste Realm Shires Services, which is also known as FTX.US, are also tangled up in the proceedings.07:33The Dead Friends Society Audiobook ClipYesterday 3:38PMThe 30-year-old supposed wunderkind…