Signage for the FTX Arena, where the Miami Heat basketball team plays, is illuminated Saturday, Nov. 12, 2022, in Miami. Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday, Nov. 11. (AP Photo/Marta Lavandier)
Chairwoman Maxine Waters, D-Calif., right, and Ranking Member Patrick McHenry, R-N.C., left, listen to testimony from banking leaders as they appear before a House Committee on Financial Services Committee hearing on Capitol Hill in Washington, Sept. 21, 2022. Lawmakers plan to investigate the failure of FTX, the large crypto exchange that collapsed last week and filed for bankruptcy protection, leaving investors and customers staring at losses that could total in the billions of dollars. (AP Photo/Andrew Harnik, File)
Binance CEO Changpeng Zhao answers a question during a Zoom meeting interview with The Associated Press on Nov. 16, 2021. Cryptocurrency exchange giant Binance is proposing the creation of a rescue fund that would save otherwise healthy crypto companies from failure, aiming to stave off the cascading effects of last week's implosion of the third-largest crypto exchange FTX. Zhao posted on Twitter Monday, Nov. 14, 2022 that his company would create “an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis." (AP Photo, File)Cryptocurrency lender BlockFi is filing for Chapter 11 bankruptcy protection as the fallout from the collapse of crypto exchange FTX spreads outward.
In a Monday filing for bankruptcy protection in New Jersey, where it is based, BlockFi claimed more than 100,000 creditors, with BlockFi's liabilities ranging from $1 billion to $10 billion.
BlockFi Inc. said bankruptcy protection will allow it to stabilize the company and restructure. That restructuring will include recovering all obligations that it is owed by its counterparties, including FTX and associated corporate entities. BlockFi said it anticipates recoveries from FTX will be delayed.
FTX filed for bankruptcy protection earlier this month. At the time, BlockFi announced on Twitter that it wasn't able to do business as usual and was pausing client withdrawals as a result of FTX’s implosion.
BlockFi has $256.9 million in cash on hand, which it expects will provide enough cushion to support some operations during the restructuring.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
