The FTX’s demise left the market with an open, untreated wound, making the crypto industry bleed. There are no heroes left – even CZ is in a dour mood.
The Domino effect hit after a series of parties stuck in between had surfaced. On November 28, BlockFi, a prominent crypto lender, filed for Chapter 11 bankruptcy in New Jersey.
The company is seeking bankruptcy protection, estimating that it had over 100,000 creditors and approximately $1 to $10 billion in assets and liabilities.
If you haven’t yet followed the case of Voyager, the proceedings are alike.
The Chapter 11 bankruptcy filing, once approved, will grant BlockFi a chance to restructure its business and reduce its debt. BlockFi is also allowed to continue to run its business during the proceedings.
BlockFi is On The Block (Sort Of)
The creditors of the company consist of Ankura Trust ($729 million), FTX US ($275 million), the U.S. Securities and Exchange Commission ($30…
