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BlockFi files for bankruptcy, as many expected, cites FTX collapse for its troubles

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BlockFi introduced on Nov. 28 that it has filed for Chapter 11 chapter. The filing in the US Chapter Court docket for the District of New Jersey pertains to the corporate and its eight subsidiaries. The transfer comes after a number of days of hypothesis on the corporate’s monetary well being after the collapse of FTX.

In response to a statement, BlockFi has $256.9 million readily available. It has filed motions “to pay worker wages and proceed worker advantages with out disruption. It additionally seeks to “set up a Key Worker Retention Plan to make sure the corporate” and has created an inner plan to cut back bills.

BlockFi Worldwide has additionally filed for chapter with the Supreme Court docket of Bermuda, based on the assertion.

This can be a breaking story that will likely be up to date because it develops.