BlockFi commences bankruptcy restructuring proceeding, now it has $256.9 million in cash

11/28 15:46

According to Bussiness Wire, crypto lender BlockFi and eight of its affiliates today commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey. As part of its restructuring efforts, the Company will focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities. Due to the recent collapse of FTX and its ensuing bankruptcy process, which remains ongoing, the Company expects that recoveries from FTX will be delayed. Platform activity continues to be paused at this time. BlockFi has $256.9 million in cash on hand.

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