Crypto Lending Company Announces BlockFi Bankruptcy

BlockFi, one of the cryptocurrency lending companies, has officially filed for bankruptcy today.

According to the statement made by BlockFi, the company continues its activities as part of the bankruptcy process it has entered. to restructuring it will work.

On BlockFi’s reserve, according to the company’s press release $256.9 million worth of cash exists. BlockFi management thinks this will be enough to cover the restructuring costs.

BlockFi has been in a difficult situation financially due to a liquidation at the beginning of this year. It survived with the support of FTX. The company announced a few weeks ago because of the crisis that FTX went through. suspended withdrawals.

BlockFi received $350 million in funding in March 2021. $3 billion valuation had achieved. However, the value of the company increased after the investment round held in June of this year. 1 billion dollars as updated.

BlockFi, with the effect of the decrease in the crypto money market, in June, the total employee staff laid off one-fifth of.

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