According to an official press release, BlockFi has commenced restructuring proceedings to stabilize the business and maximize value for its customers and stakeholders. The proceedings began with a voluntary case under Chapter 11 of the United States Bankruptcy Code. The filing is before the Bankruptcy Court for the District of New Jersey.
Many crypto firms have had a fair share of the FTX contagion in the past few weeks. While the market mourns the collapse of the crypto exchange giant, asset prices are down, and many firms are about to close shop.
News of another victim of the contagion reached the industry. The latest reports stated that the crypto lending firm, has commenced Chapter 11 bankruptcy proceedings.
While people believe that the FTX contagion contributed to the firm’s ordeal, Stuart Alderoty has a contrary view. According to Alderoty, Ripple’s general counsel, the Securities and Exchange Commission is said to be…
