BlockFi Mulls Bankruptcy Filing and Layoffs in Wake of FTX Collapse
The struggling crypto lender paused customer withdrawals last week, and is now exploring a Chapter 11 filing.
Crypto lending platform BlockFi is considering filing for Chapter 11 bankruptcy protection and preparing for job cuts in the wake of the collapse of closely-linked crypto exchange FTX.
In its exploration of next steps, BlockFi has also had talks with Binance about possible financial help.
BlockFi paused customer withdrawals last Thursday night, and on Monday reaffirmed that it would keep withdrawals paused and limit activity, acknowledging that it had “significant exposure to FTX” that limited its ability to operate as usual.
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