Customers of the bankrupt crypto lender BlockFi are one step closer to recovering at least some of their assets.
In a tweet on Saturday, the firm announced that it has filed a disclosure statement with the New Jersey court overseeing its insolvency proceedings.
BlockFi: Another FTX Casualty
BlockFi first filed for Chapter 11 bankruptcy protection back in November. In its initial filing, the company blamed a liquidity crisis created by its exposure to FTX.
Through loans to Alameda Research, BlockFi became one of the most high-profile victims of the FTX-Alameda scandal. It also held cryptocurrencies on FTX’s platform that it has been unable to recover.
In a series of tweets on Saturday, BlockFi explained that what it can recover for clients is largely dependent on its efforts to claw back money from FTX and Alameda.
The Bankrupt company will now present its disclosure statement to the Court on June 20.
After that date, the…
