Crypto Lender BlockFi Filed For Chapter 11 Bankruptcy Protection
On November 28, BlockFi, the crypto lender that has been in trouble since mid-2022, filed for Chapter 11 bankruptcy protection in a US court. This means that during the bankruptcy process, the company can still operate normally.
According to the company’s bankruptcy petition, BlockFi has over 100,000 creditors and between $1 billion and $10 billion in assets and liabilities.
Several large creditors are named in the petition. The largest is Ankura Trust Company, which has an unsecured claim worth approximately $729 million. FTX US and the Securities and Exchange Commission are the next named creditors, with unsecured claims of $275 million and $30 million.
BlockFi declared earlier this month that withdrawals had been halted. Most recently, the crypto lender was accused of using FTX funds to pay SEC fines.
The company is the latest name to join the long list of crypto companies that collapsed during the crypto winter and had to file for Chapter 11 bankruptcy protection this 2022, including Three Arrows Capital, Voyager, Celsius, and Sam Bankman-Fried‘s empire FTX.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Consensys Linea Decentralization advances with the new Swiss-based Linea Association, promoting governance, growth, and a…
Uncover the tale of a meme aficionado who parlayed a modest Pepe Coin investment into…
With the cryptocurrency market positioning itself for an upsurge within the years 2024–2025, it is…
Bitcoin trading volume has surged to an all-time high of $145 billion in the last…
Italy considers lowering its proposed Italy crypto tax increase to 28% from an initial 42%,…
Bitcoin Spot ETF Inflows Hit $818M as Net Inflow Streak Extends to 5 Days, with…
This website uses cookies.
