Has the Source of the Fall in Bitcoin and Cryptocurrencies been Found? Shocking Detail in the Statement of the Bankrupt Company!

BlockFi to increase its cash position, according to the company’s first day-to-bankruptcy statement cryptocurrency liquidated its assets.

BlockFi Sells Cryptocurrency Assets To Raise Cash

The text in which the company announced its bankruptcy application included the following statements on the subject:

“In preparation for these Chapter 11 lawsuits, BlockFi has taken steps to liquidate some of its cryptocurrencies to supplement the available cash to fund its business and administrative costs.

Through this process, BlockFi was able to raise an additional $238.6 million in cash, with a total unencumbered cash position of $256.5 million as of Petition Date.”

In a new message posted on the company website, he wrote:

“Since the withdrawals were paused, our team has explored every strategic option and alternative at our disposal and remains fully focused on our primary goal of doing the best we can for our clients.

These Chapter 11 cases will enable BlockFi to stabilize the business and provide an opportunity for BlockFi to complete a restructuring plan that maximizes value for all stakeholders, including our valued customers.”

The company also said, “As part of our restructuring efforts, bitcoin We will focus on recovering all obligations owed to BlockFi by counterparties, including exchange FTX,” he tweeted.

In the list of the 50 largest creditors in court documents, unsecured debts range from $275 million to West Realm Shires Inc (FTX US) to $999,650 to an unidentified creditor. A $30 million loan is shown to the U.S. Securities and Exchange Commission.

*Not investment advice.