#Giveaway  on last slide

Crypto Firm BlockFi Files For Bankruptcy

Scribbled Arrow

TRENDING GLOBALLY

FOLLOW US:  @theinsaneapp

BlockFi, the latest crypto company to file Chapter 11 bankruptcy, has done so just a few weeks after halting withdrawals on November 10.

Twitter | Insatagram | Facebook

FOLLOW US:  @theinsaneapp

According to the company, there needs to be more clarity around the circumstances surrounding FTX.

Twitter | Insatagram | Facebook

FOLLOW US:  @theinsaneapp

This bankrupt firm is going through its bankruptcy. There are also allegations of fraud and poor record-keeping. 

Twitter | Insatagram | Facebook

FOLLOW US:  @theinsaneapp

BlockFi posted a press release on Monday stating that it is filing for bankruptcy to "stabilize" its business.

Twitter | Insatagram | Facebook

FOLLOW US:  @theinsaneapp

New Jersey's bankruptcy filing lists Ankura Trust Company, listed as the company's largest creditor, at $729 million. FTX USA, at $275 million, is next. 

Twitter | Insatagram | Facebook

FOLLOW US:  @theinsaneapp

SEC is the fourth listed creditor, with $30 million owing as a result of earlier in the year.

Twitter | Insatagram | Facebook

FOLLOW US:  @theinsaneapp

BlockFi claims it has $256.9 million of cash available. This is sufficient liquidity to keep the company afloat while it restructures.

Twitter | Insatagram | Facebook

FOLLOW US:  @theinsaneapp

Although it expects that FTX's collapse will delay this process, the firm is going to concentrate on "recovering all obligations" owed by BlockFi to its counterparts.

Twitter | Insatagram | Facebook

#GIVEAWAY BY INSANE

Do you know that we give away around $500 USd in cash prizes every week?

Let’s grow together!