BlockFi Attorney Reveals The Size Of The Company’s Cryptocurrency Stuck In FTX: The Quantity Is Astonishing!

Cryptocurrency Joshua Sussberg, a lawyer for credit institution BlockFi, told a bankruptcy court in New Jersey on Tuesday that the company currently has approximately $355 million frozen on crypto exchange FTX. bitcoin and he said he had cryptocurrency.

$355 million was recorded in addition to another $671 million loan to Alameda Research. Alameda also defaulted on this loan.

Cryptocurrency Loan Company BlockFi Filed For Bankruptcy Yesterday

BlockFi filed for bankruptcy on Monday after weeks of speculation about the company’s solvency after it stopped withdrawals in early November.

BlockFi stated in its first-day filings for bankruptcy that its total assets are between $1 billion and $10 billion, and its liabilities are between $1 billion and $10 billion. The company has 100,000 creditors and approximately $257 million in cash, some of which has been raised by liquidating crypto assets.

Sussberg, a partner at law firm Kirkland & Ellis, said that BlockFi hopes to allow clients holding their own assets in the BlockFi Wallet product to withdraw their funds:

“As we have stated in the defenses, Your Honor, we intend to present a swift motion to allow customers to withdraw funds from their personal wallets to any extent they wish, as we do not believe that this is the property of the company.”

Sussberg told New Jersey Judge Michael Kaplan that he predicts that BlockFi’s process of getting its funds back from FTX “will continue for an extended period of time.”

Sussberg told the court that BlockFi co-founders Zac Prince and Flori Marquez are the complete opposite of Bankman-Fried.

In addition, BlockFi stated that it will return the funds in its customers’ cryptocurrency wallet.

*Not investment advice.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!


source site-5