US cryptocurrency lender
BlockFi said on Monday it had filed for Chapter 11
bankruptcy protection along with eight of its affiliates, in the latest casualty since
FTX collapsed earlier this month triggering instability in the
crypto market.
New Jersey-based BlockFi had earlier paused withdrawals from its platform and acknowledged it had "significant exposure" to FTX, and its associated entities.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering College | Course | Website |
---|
IIT Delhi | Certificate Programme in Data Science & Machine Learning | Visit |
MIT xPRO | MIT Technology Leadership and Innovation | Visit |
Indian School of Business | Professional Certificate in Product Management | Visit |
The move comes more than a week after FTX filed for U.S. bankruptcy protection and its founder
Sam Bankman-Fried resigned as chief executive.
In July, FTX had signed a deal with BlockFi to provide the firm with a $400 million revolving credit facility and an option to buy it for up to $240 million.
Discover the stories of your interest