Crypto firm BlockFi files for Chapter 11 bankruptcy protection
Digital-asset lender BlockFi Inc., a cryptocurrency company that once enjoyed a valuation of $3 billion, has filed for Chapter 11 bankruptcy protection in New Jersey, according to a Monday press release. The firm is the latest major crypto company to be felled by the ructions in the cryptocurrency space that have intensified since the start of 2022. BlockFi cited the downfall of cryptocurrency exchange FTX and its associated companies for pushing it over the edge into.
9 million in cash on hand, which it plans to use to continue with ongoing operations during the restructuring process. It has submitted filings to the bankruptcy court asking that it be allowed to continue paying employees and providing their benefits to support ongoing operations.
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