Bankrupt Crypto Lending Platform BlockFi Faces Potential $227 Million Loss in Uninsured Funds at Silicon Valley Bank – What's Going On?
Bankrupt crypto lender BlockFi has $227 million in uninsured funds stuck in an account maintained by failed lender Silicon Valley Bank.
Crypto lender BlockFi files for bankruptcy
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, the latest industry casualty after the firm was hurt by exposure to the spectacular collapse of the FTX exchange earlier this month.
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Crypto lender BlockFi declares bankruptcy
Sky News Business Editor Ross Greenwood says the price of cryptocurrencies lurched down, and there’s a good reason why.
“The aftershocks of the collapse of crypto exchange FTX continue – Crypto currency lender BlockFi filed for Chapter 11 bankruptcy in the US,” Mr Greenwood said.
“It had close ties to FTX’s research company Almeda – Almeda, remember, accepted seemingly unauthorised transfers of clients’ crypto accounts from FTX … Almeda defaulted on $680 million US owed to BlockFi.
“By the way have you noted with all these collapses – they now talk in cold hard dollars – not in their cryptocurrency equivalents?
“As Diddy once sang … it’s all about the Benjamins.”
BlockFi Goes Bankrupt in Aftermath of FTX
Bloomberg’s Sonali Basak joins Caroline Hyde and Ed Ludlow to break down why crypto lender BlockFi filed for bankruptcy in the wake of crypto exchange FTX’s rapid downfall.
BlockFi Reportedly Near Bankruptcy
Bloomberg’s Sonali Basak joins Caroline Hyde and Ed Ludlow to discuss how BlockFi is preparing a potential bankruptcy filing after halting withdrawals of customer deposits, according to the Wall Street Journal.
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