Bankrupt crypto lender BlockFi has decided to liquidate its cryptocurrency lending platform in a bid to repay its more than 100,000 creditors. In a company filing on May 12, BlockFi claimed that liquidation would be the best option for creditors. According to the company, the amount of funds clients can recover from the liquidation largely…
Bankrupt Crypto Lending Platform Opts for Liquidation
May 16, 2023
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BlockFi Tells Bankruptcy Court It Is ‘The Antithesis of FTX’
BlockFi, the first direct casualty of crypto exchange FTX’s collapse, told a U.S. bankruptcy judge on Tuesday that the U.S. cryptocurrency lender was “the antithesis of FTX” and that it would seek to return customer funds as quickly as possible. BlockFi filed for Chapter 11 protection on Monday, citing FTX’s collapse and volatility in the…
LIVE NOW: NTD Business (Nov. 28): Apple Threatened to Remove Twitter?; China Protest Calls for Xi to Step Down
Protests are erupting across China over Beijing’s extreme lockdown policies. Demonstrators join in around the world to show their support for the Chinese people. Activists accuse Elon Musk of putting people’s lives in danger because of the way he’s running Twitter. If Google and Apple ban his app, will Musk have to create his own…
NTD Business (Nov. 28): Apple Threatened to Remove Twitter?; China Protest Calls for Xi to Step Down
Protests are erupting across China over Beijing’s extreme lockdown policies. Demonstrators join in around the world to show their support for the Chinese people. Activists accuse Elon Musk of putting people’s lives in danger because of the way he’s running Twitter. If Google and Apple ban his app, will Musk have to create his own…
BlockFi Files for Chapter 11 Bankruptcy Protection as FTX Contagion Spread
BlockFi, one of the largest cryptocurrency lenders in the industry, filed for Chapter 11 bankruptcy protection, according to a new filing on Nov. 28. The company acknowledged that it had “significant exposure” to FTX and ex-CEO Sam Bankman-Fried’s subsidiaries. This, BlockFi says, included “obligations owed to us by Alameda, assets held at FTX.com, and undrawn…
BlockFi Files for Chapter 11 Bankruptcy Protection as FTX Contagion Spreads
BlockFi, one of the largest cryptocurrency lenders in the industry, filed for Chapter 11 bankruptcy protection, according to a statement on Nov. 28. The company acknowledged that it had “significant exposure” to FTX and founder and former CEO Sam Bankman-Fried’s subsidiaries. This, BlockFi says, included “obligations owed to us by Alameda, assets held at FTX.com, and undrawn…
Crypto Firms Cutting Jobs as Market Declines Below $1 Trillion
June 14, 2022
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Multiple crypto firms have announced plans to cut jobs as the digital currency market continues to decline, with its total value falling below $1 trillion on June 13. BlockFi announced a reduction in its headcount by around 20 percent. CEO Zack Prince said in a June 13 tweet, “This is not a decision we take…
Crypto Firm BlockFi to Pay Record Penalty to Settle US SEC, State Charges
February 15, 2022
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WASHINGTON—A subsidiary of crypto company BlockFi Inc. has agreed to pay $100 million to the U.S. Securities and Exchange Commission (SEC) and 32 states to settle charges in connection with a retail crypto lending product the New Jersey company offered to nearly 600,000 investors, regulators said on Monday. The charges come as U.S. regulators, worried…
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