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According to the latest report by WSJ, Crypto lender BlockFi is preparing a bankruptcy filing due to its "significant exposure" to the bankrupt crypto exchange FTX.BlockFi paused withdrawals and limited activity last week due to uncertainty about FTX, saying it couldn't operate as usual. In preparation for a possible chapter 11 filing, BlockFi is now planning to lay off some of its workers.Earlier the lender denied that it had most of its assets at FTX. However, now it has acknowledged that it has an undrawn line of credit with FTX and obligations with FTX. In a blog post, it admitted that it does have ''significant exposure to FTX and associated corporate entities". This was due to FTX's bailout of BlockFi in July of this year, which involved FTX providing the lender with a $400 million revolving credit facility and the option to buy the company for up to $240 million.

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【BlockFi Heading For Bankruptcy As FTX Contagion Spreads】According to the latest report by WSJ, Crypto lender BlockFi is preparing a bankruptcy filing due to its "significant exposure" to the bankrupt crypto exchange FTX.BlockFi paused withdrawals and limited activity last week due to uncertainty about FTX, saying it couldn't operate as usual. In preparation for a possible chapter 11 filing, BlockFi is now planning to lay off some of its workers.Earlier the lender denied that it had most of its assets at FTX. However, now it has acknowledged that it has an undrawn line of credit with FTX and obligations with FTX. In a blog post, it admitted that it does have ''significant exposure to FTX and associated corporate entities". This was due to FTX's bailout of BlockFi in July of this year, which involved FTX providing the lender with a $400 million revolving credit facility and the option to buy the company for up to $240 million.

BlockFi Heading For Bankruptcy As FTX Contagion Spreads

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