Business Maverick: Bitcoin Drops as Tremors From China Unrest Spook Global Markets

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Cryptocurrencies slid Monday as BlockFi Inc. filed for bankruptcy, the latest crypto firm to collapse in the wake of crypto exchange FTX’s rapid downfall.

Prices had slumped earlier amid a bout of investor anxiety in global markets sparked by protests in China against Covid restrictions.

BlockFi said in a statement that it will use the Chapter 11 process to “focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities,” adding that recoveries are likely to be delayed by FTX’s own bankruptcy. Chapter 11 bankruptcy allows a company to continue operating while working out a plan to repay creditors.

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