Crypto lender BlockFi announced on Monday that it has filed for bankruptcy, another casualty of the spectacular collapse of the exchange FTX.
BlockFi’s struggles are intertwined with those of FTX, which collapsed in a matter of days and sent the cryptocurrency market into disarray as its fallout spread. Earlier this year, FTX provided BlockFi with a $400 million credit line and the option to buy the company.
“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,” said the company’s financial adviser, Mark Renzi of Berkeley Research Group. “From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector. BlockFi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders.”BlockFi, which was most recently valued at $4.
“We know the past few days have been incredibly difficult for you,” the company told clients. “We are deeply saddened to see the devastation that is cascading across an industry that we love and believe in, touching the lives of so many people.”
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