Cryptocurrency lender BlockFi filed for bankruptcy Monday, making it the latest major digital-assets firm to fail since FTX, with which BlockFi is financially intertwined
The collapse of FTX has set off the largest crypto-related bankruptcy ever, and court filings are already shedding light on what went wrong and how complicated things could get. Here are three things to know about the company’s bankruptcy process. Photo: Lam Yik/Bloomberg NewsCryptocurrency 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., 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 disclosed in court papers.
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