{"id":41287,"date":"2022-11-28T14:01:27","date_gmt":"2022-11-28T18:01:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=41287"},"modified":"2022-11-28T14:01:30","modified_gmt":"2022-11-28T18:01:30","slug":"crypto-lender-blockfi-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-lender-blockfi-files-for-bankruptcy\/","title":{"rendered":"Crypto Lender BlockFi Files For Bankruptcy"},"content":{"rendered":"\n
Blockfi filed for bankruptcy, becoming the latest casualty of the financial contagion unleashed by the collapse of Sam Bankman-fried\u2019s <\/a>empire. <\/h5>\n\n\n\n
\"Crypto
Crypto Lender BlockFi Files For Bankruptcy<\/figcaption><\/figure>\n\n\n\n

The cryptocurrency lender<\/a>, announced on Monday that it had applied for Chapter 11 bankruptcy protection in a New Jersey court along with eight affiliates. This makes BlockFi the latest victim of market instability brought on by FTX's collapse earlier this month.<\/p>\n\n\n\n

\n

Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.https:\/\/t.co\/adaAx6me4r\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— BlockFi (@BlockFi) November 28, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

BlockFi, situated in New Jersey, claimed in a court document<\/use><\/svg><\/span><\/a> that it owed money to more than 100,000 creditors. It named FTX, a cryptocurrency exchange that is due $275 million on a loan from earlier this year, as its second-largest creditor.<\/p>\n\n\n\n

The cryptocurrency lender stated it has “substantial exposure” to FTX and its connected firms and had already suspended withdrawals from its platform. The action was taken a few weeks after FTX's founder Sam Bankman-Fried quit as CEO and the company sought bankruptcy protection <\/a>in the United States.<\/p>\n\n\n\n

After the cryptocurrency lender was impacted by a decline in pricing earlier in the year, it reached an agreement in July with FTX to provide the company with a $400 million revolving credit facility and an option to purchase it for up to $240 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Blockfi filed for bankruptcy, becoming the latest casualty of the financial contagion unleashed by the collapse of Sam Bankman-fried\u2019s empire. The cryptocurrency lender, announced on Monday that it had applied for Chapter 11 bankruptcy protection in a New Jersey court along with eight affiliates. This makes BlockFi the latest victim of market instability brought on […]<\/p>\n","protected":false},"author":43,"featured_media":41289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[73],"tags":[10893,197],"class_list":["post-41287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi-news","tag-bankruptcy","tag-defi"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221128_184425_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=41287"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41287\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/41289"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=41287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=41287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=41287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}