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BlockFi files for bankruptcy as many expected, citing FTX's collapse for its troubles

Published on

January 29, 2023
Read Time:50 Second

BlockFi introduced on Nov. 28 that it had filed for Chapter 11 chapter. That submission in america Chapter Court docket for the District of New Jersey impacts the corporate and its eight subsidiaries. The transfer comes after a number of days of hypothesis in regards to the firm's monetary well being following FTX's collapse.

in response to a expression, BlockFi has $256.9 million. It has made requests to “pay staff wages and proceed worker advantages with out interruption. It is also attempting to "put in place a key worker retention plan to maintain the enterprise safe" and has created an inner plan to cut back spending.

BlockFi Worldwide has additionally filed for chapter within the Bermuda Supreme Court docket, in response to the assertion.

Right this moment, BlockFi filed voluntary actions below Chapter 11 of the U.S. chapter legal guidelines.https://t.co/adaAx6me4r

– BlockFi (@BlockFi) November 28, 2022

It is a groundbreaking story that can be up to date as improvement continues.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 29, 2023
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