BlockFi's bankruptcy proceedings kicked off on Tuesday, with lawyers from the crypto lender telling the court they would fight to get clients their money back.
"We want to make sure we get people back as much of their value as quick as we can," Josh Sussberg, a partner at Kirkland & Ellis, which is representing BlockFi, told the court.
BlockFi loaned $671 million to Alameda, Sussberg said, and had an additional $355 million in digital assets that are currently frozen on the FTX platform. Exposure to both firms prompted client withdrawals, but it was FTX's plan to acquire BlockFi that ultimately led it into bankruptcy proceedings, the lawyer said. In July,
to save BlockFi by extending a $400 million revolving credit facility and offering to potentially buy the beleaguered lender.In the bankruptcy filing, BlockFi indicated it had more than 100,000 creditors, with liabilities and assets ranging from $1 billion to $10 billion.
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