BlockFi Files for Bankruptcy Amid Crypto Market Drop
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
BlockFi, a crypto lending platform, files for Chapter 11 bankruptcy amid financial troubles, listing assets between $50M and $100M and liabilities from $100M to $500M. The filing involves its operating company Reliz and three affiliates. Last month, BlockFi halted customer deposits and withdrawals due to a sharp crypto market drop. A client, Dominion Capital, sued BlockFi for mixing customer funds and misusing assets, leading to a US court freezing $70.6M in Bitcoin. BlockFi is preparing for restructuring, aiming to stabilize operations and explore deals to benefit stakeholders.
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