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After suspending user payments earlier in the month, crypto lending company BlockFi filed for Chapter 11 bankruptcy.
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BlockFi announced Monday that it had filed for Chapter 11 bankruptcy protection and reorganization.
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Bankruptcy Code and that it will pursue restructuring or reorganization.
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The company stated that it had decided to file for bankruptcy following the "shocking events surrounding FTX," the collapse of which occurred in the second week.
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It acknowledged that it was a difficult but necessary decision to suspend withdrawals on November 11.
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BlockFi stated that it will now concentrate on recovering obligations, particularly those owed to FTX or related companies.
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BlockFi is exposed to these companies significantly, including obligations from Alameda Research and deposits at FTX. Also, BlockFi has an undrawn credit from FTX.US.
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The firm stated that FTX's bankruptcy proceedings mean that the company will likely have to delay recovering these funds.
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BlockFi's financial advisor Mark Renzi, Berkeley Research Group's Mark Renzi, stated that the company immediately took steps to protect its clients and itself after the collapse of FTX.
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He stated that the company looks forward to a transparent process that results in the best possible outcome for clients and other stakeholders.
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