Crypto Lender BlockFi Officially Files for Chapter 11 Bankruptcy

BlockFi and eight of its affiliates today commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court. The Company will focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities.

Platform activity continues to be paused at this time. BlockFi has $256.9 million in cash on hand, which is expected to provide sufficient liquidity to support certain operations during the restructuring process.