Crypto Giant BlockFi Is Reportedly Preparing for Bankruptcy Following FTX’s Collapse
Business ı By Rochdi Rais
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Crypto lender BlockFi is reportedly bracing itself for a looming bankruptcy filing as the collateral damage of FTX's collapse continues to weigh down on crypto firms, according to a Tuesday report from the Wall Street Journal.
The company is also preparing for layoffs, sources familiar with the matter told the Journal. The crypto lender said in a blog post on Monday that it has financial exposure to Sam Bankman-Fried's FTX, which filed for chapter 11 bankruptcy on Friday. BlockFi said that it had assets in the exchange and obligations owed by FTX's affiliated trading firm, Alameda Research.
"There are a number of scenarios that may be available to us, and we are doing the work now to determine the best path forward," the blog post noted, adding that it has the necessary liquidity to explore all options for what comes next.
BlockFi stopped withdrawals and limited activity on its platform last week, blaming uncertainty around FTX's liquidity issues.
FTX furnished a $400 million revolving credit facility for BlockFi, which also included an option to acquire the company, the Journal reported.
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