BlockFi files for bankruptcy, as many expected, cites FTX collapse for its troubles
Cointelegraph
Published Nov 28, 2022 10:59AM ET
Updated Nov 28, 2022 12:40PM ET
BlockFi announced on Nov. 28 that it had filed for Chapter 11 bankruptcy. The filing in the United States Bankruptcy Court for the District of New Jersey pertains to the company and its eight subsidiaries. The move comes after several days of speculation on the company’s financial health after the collapse of FTX.
According to a statement, BlockFi has $256.9 million on hand. It has filed motions “to pay employee wages and continue employee benefits without disruption.” It also seeks to “establish a Key Employee Retention Plan to ensure the company retains trained internal resources for business-critical functions” and has created an internal plan to reduce expenses.
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Written By: Cointelegraph
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