BlockFi, a cryptocurrency lender, has filed for Chapter 11 bankruptcy with the Bankruptcy Court in New Jersey, the U.S.
BlockFi said in an official announcement on the 28th (local time) that it will focus on restoring all of BlockFi’s obligations. “It will take some time to recover from FTX because FTX’s bankruptcy process is underway.” BlockPi will lay off a significant number of employees.
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Block Pie has $275 million in outstanding loans at FTX U.S. subsidiaries, according to documents submitted by Block Pie to the bankruptcy court. BlockPi creditors are more than 100,000 people, and the estimated debt and assets are known to be between $1 billion and $10 billion.
Block Pie stopped withdrawing customer funds for the first time when FTX filed for bankruptcy in a U.S. court on the 11th. BlockFi told the customer at the time of the suspension of customer withdrawal, “I learned about FTX bankruptcy through Twitter,” and “I was disappointed with FTX and Alameda.” BlockFi is considering filing for bankruptcy a week later, it added.