The bankruptcy of the cryptocurrency exchange FTX continues to affect the entire industry. Now, another crypto platform BlockFi has announced that it has filed for bankruptcy in the US.
The bankruptcy of FTX, one of the largest cryptocurrency exchanges in the world, is the only topic that the crypto world has talked about lately. The scandal in the stock market under the management of Sam Bankman-Fried deeply affected the entire market and upset the investors. In addition, the bankruptcy created a domino effect in the sector, causing many stock markets to come to the brink of collapse.
One of them is the cryptocurrency company founded in 2017. BlockFi was. The crypto platform, which has a multimillion-dollar agreement with FTX, suspended all transactions, including withdrawals, after the collapse of FTX. The company stated in a statement made at the time that it had sufficient liquidity. However, today there has been a new development in this regard.
BlockFi files for bankruptcy
The company, which is known for providing crypto loan services as well as trading, has today filed with the United States District of New Jersey Bankruptcy Court. filing for bankruptcy announced its presence. BlockFi’s bankruptcy came two weeks after FTX’s collapse.
In the statement, the company has 256.9 million your dollar It was added that this amount would be sufficient for certain operations in the restructuring process. The company, which wants to ensure that employee salaries and benefits continue without interruption, said that it has also started to implement a plan within itself to reduce costs.
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Mark Renzi of the Berkeley Research Group, which advises the company, said in a press release:BlockFi will achieve the best outcome for all customers and stakeholders a transparent process looking forward to it” used the phrases.
The domino effect after FTX’s bankruptcy worried crypto investors. For this reason, stock markets began to take steps towards transparency. For example, Binance, the world’s largest crypto exchange, released the ‘Proof of Reserve’ system the other day to gain the trust of investors.
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