The bankruptcy filing at a New Jersey court will allow BlockFi and its affiliates to"stabilise business and restructure debts" under court supervision.BlockFi, a lender in the troubled cryptocurrency universe, has announced filing for bankruptcy protection in the latest ripple effect from the FTX collapse.
The year 2022 has been disastrous for cryptocurrencies, with the world's most widely traded digital currency Bitcoin plunging almost 70 percent to below $16,000 apiece. Over the summer, FTX provided $400 million in credit to BlockFi, enabling the lending firm to avoid bankruptcy.Chapter 11 is a US mechanism allowing a company to restructure its debts under court supervision while continuing to operate.BlockFi said it was focused on recovering obligations from counterparties, including FTX.
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