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The domino effect of FTX continues: now BlockFi has filed for bankruptcy

The bankruptcy of FTX, one of the largest cryptocurrency exchanges in the world, is the only topic the crypto world has been talking about lately. The stock market scandal led by Sam Bankman-Fried has deeply affected the entire market and upset the investors. In addition, the bankruptcy caused a domino effect in the sector, as a result of which many stock markets were on the verge of collapse.

One of them is the cryptocurrency company founded in 2017. BlockFi used to be. The crypto platform, which has a multi-million dollar deal with FTX, suspended all transactions, including withdrawals, following the collapse of FTX. The company said in a statement made at the time that it has sufficient liquidity. Today, however, there is a new development in this regard.

BlockFi is filing for bankruptcy

The company, which is known for providing crypto lending and trading, filed today with the United States District of New Jersey Bankruptcy Court. file for bankruptcy announced his presence. BlockFi’s bankruptcy came two weeks after FTX’s collapse.

In the statement, the company 256.9 million your dollar It was added that this amount would be sufficient for certain operations in the restructuring process. The company, which wants to ensure that employees’ salaries and benefits continue uninterrupted, said it has also started implementing a plan within itself to reduce costs.

Mark Renzi of the Berkeley Research Group, who advises the company, said in a press release:BlockFi achieves the best outcome for all customers and stakeholders a transparent process look forward” used his words.

The domino effect following the bankruptcy of FTX worried crypto investors. For this reason, the stock markets began to move towards transparency. For example, the world’s largest crypto exchange Binance recently released the ‘Proof of Reserve’ system to gain investor confidence.

Source: Web Tekno

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