Crypto lender BlockFi files for Chapter 11 bankruptcy amid FTX fallout

 Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection. The move comes just over two weeks after BlockFi suspended all platform activity, including withdrawals, in the wake of crypto exchange FTX‘s implosion. “Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual,” the company said in an FAQ. Withdrawals remain paused.

“BlockFi’s chapter 11 cases will enable BlockFi to stabilize its business and provide BlockFi with the opportunity to consummate a reorganization that maximizes value for all stakeholders,” BlockFi said. “The court-supervised restructuring process is transparent and encourages dialogue between all stakeholders....

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