Crypto asset lending and financial services platform BlockFi has filed a voluntary application for Chapter 11 Bankruptcy protection during the restructuring of its activity, thus becoming the latest victim in the sector after the collapse of FTX.
According to a statement from the firm, BlockFi and eight of its subsidiaries have begun Chapter 11 suspension of payments proceedings before the Bankruptcy Court for the District of New Jersey in order to stabilize their business and have the opportunity to bring carry out a comprehensive restructuring to maximize value for customers and other stakeholders.
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