The lending unit of U.S. crypto firm Genesis filed for U.S. bankruptcy protection on Thursday, the latest company toppled by a market rout last year that wiped about $1.3 trillion off the value of crypto tokens.
BlockFi said its substantial exposure to FTX had created a liquidity crisis. The New Jersey-based lender had relied on a $400 million FTX credit facility to stay afloat after competing crypto lenders Voyager Digital Ltd and Celsius Network went bankrupt earlier in 2022.in November after suffering withdrawals of about $6 billion in just 72 hours and rival crypto exchange Binance ditched a possible rescue.
FTX's affiliated hedge fund Alameda Research also filed for bankruptcy. The collapse of the companies, founded by former billionaire Sam Bankman-Fried, became one of the most high-profile failures in the crypto sector. Investors in FTX had included BlackRock and Canada's biggest pension plan.this month to criminal charges that he cheated investors in FTX and caused billions of dollars in losses.
Those meltdowns wiped out $42 billion in investor value, and led to an arrest warrant in South Korea for terraUSD's developers.Our Standards:
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