It’s Official: BlockFi Files for Bankruptcy Impacted by FTX Infection
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Answer It’s Official: BlockFi Files for Bankruptcy Impacted by FTX Infection
While the cryptocurrency market continues to face the wrath of the FTX meltdown, another company is falling prey to negative contagion.
According to the latest reports, cryptocurrency lending firm BlockFi will file for Chapter 11 bankruptcy proceedings.
BlockFi has officially started restructuring actions to stabilize the business and maximize value for all customers and stakeholders.
The company has made voluntary petitions to maintain client value and pursue refunds from counterparty obligations.
Exposure to FTX:
Yesterday Monday, lending company BlockFi filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey.Read:Ghana begins experimenting with central bank digital currency
BlockFi said it has more than 100,000 creditors while required assets fall in the region of $10 billion.
Earlier, the company said it has significant exposure to FTX and related companies.
Speculation about BlockFi’s bankruptcy began after reports indicated that FTX was facing a major liquidity crunch.
Fear and uncertainty about FTX’s cash crunch began when the company halted withdrawals.
On November 11, FTX filed documents for bankruptcy following failed investment attempts by cryptocurrency exchange Binance.
This led to a major crash for cryptocurrencies as the market’s expectations of a potential deal did not materialize in the end.
FTX’s bankruptcy proceedings included FTX Corporation, Alameda Research, and more than 130 other related companies.
According to a CNBC report, BlockFi began consulting restructuring specialists a few days after FTX declared bankruptcy.
The bear market will remain until 2023?
It remains to be seen how many companies will face such dire situations as the FTX infection spreads.
The negative market sentiment surrounding FTX is having a negative impact on cryptocurrency prices, affecting retail investors in the nascent crypto industry.Read:Learn about Kazakhstan’s revenue from bitcoin mining fees in the first quarter of 2022
Many regulators around the world have tightened cryptocurrency-related policies in the wake of the FTX crash.
At the time of this writing, bitcoin is trading at $16,470, down 1.7% in the past 24 hours, according to price-tracking platform CoinMarketCap.
It may take a long time for the cryptocurrency market to recover.
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