BlockFi files for Chapter 11 bankruptcy protection
In a Monday filing for bankruptcy protection in New Jersey, where it is based, BlockFi claimed more than 100,000 creditors and liabilities ranging from $1 billion to $10 billion.
“Chapter 11 is a transparent process and we will continue to communicate with our clients to ensure they hear directly from us,” BlockFi said in aCryptocurrencies were in retreat Monday in what has already been a disastrous year. Bitcoin, among the most widely traded cryptocurrencies, has plunged almost 70% in 2022 to below $16,000 apiece.
BlockFi Inc., which was founded in 2017, said bankruptcy protection will allow it to stabilize the company and restructure. That restructuring will include an attempt to recover all obligations that it is owed by its counterparties, including FTX. BlockFi, which was bailed out by Sam Bankman-Fried’s FTX early last summer, said it anticipates recoveries from FTX will be delayed.
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