BlockFi Files for Chapter 11 Bankruptcy Protection as FTX Contagion Spreads

BlockFi Files for Chapter 11 Bankruptcy Protection as FTX Contagion Spreads
Souvenir tokens representing cryptocurrency networks Bitcoin, Ethereum, Dogecoin, and Ripple plunge into water in this illustration, on May 17, 2022. Dado Ruvic/Illustration/Reuters
Andrew Moran
Updated:
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BlockFi, one of the largest cryptocurrency lenders in the industry, filed for Chapter 11 bankruptcy protection, according to a statement on Nov. 28.

The company acknowledged that it had “significant exposure” to FTX and founder and former CEO Sam Bankman-Fried’s subsidiaries. This, BlockFi says, included “obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line with FTX.US.”

Andrew Moran
Andrew Moran
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Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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