Tech analyst warns crypto companies will 'fall like dominos' as FTX contagion spreads

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Coindesk content chief of staff Pete Pachal warns the FTX 'contagion' will continue to cause more crypto companies to collapse, with BlockFi the latest domino to fall.

where FTX would provide a $400 million revolving credit facility with the option to buy out the company for $240 million. The deal was designed to stabilize BlockFi, which ran into problems as crypto prices plunged and sparked a liquidity crisis among a number of over-leveraged firms.On Monday, BlockFi announced it filed under Chapter 11 for bankruptcy. The crypto lender owes $275 million to FTX, the company’s second-largest creditor due to the July deal.

"This action follows the shocking events surrounding FTX and associated corporate entities and the difficult but necessary decision we made as a result to pause most activities on our platform," a"Since the pause, our team has explored every strategic option and alternative available to us, and has remained laser-focused on our primary objective of doing the best we can for our clients.

 

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