BREAKING: Cryptocurrency lender BlockFi has filed for Chapter 11, becoming the latest casualty of crypto contagion following the collapse of FTX.
in the crypto world, as a series of bad bets and a market plunge has sent companies like FTX into bankruptcy.The firm has engaged Haynes and Boone, Kirkland & Ellis, and Cole Schotz as legal counsel. Moelis & Company is serving as its investment banker, and Berkeley Research Group is serving as its financial adviser.
BlockFi says it has $256.9 million in cash on hand to support ongoing operations during the restructuring process.In July, BlockFi agreed to a $400 million credit facility from FTX, along with an option for the crypto exchange toBut FTX's business quickly collapsed the company filed for bankruptcy, putting BlockFi's own future in doubt.Later, the company said it had
to FTX and related entities, including assets held at FTX.com, undrawn amounts from its credit line with FTX US, and obligations owed by FTX's sister trading firm Alameda Research.Prior to the events of this year, BlockFi had raised $1 billion in venture funding from investors like Dan Loeb, Tiger Global and Bain Capital Ventures.
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