11/28/2022, 4:32 PM (Source: TeleTrader)
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Crypto exchange BlockFi files for bankruptcy in US

Cryptocurrency company BlockFi filed for Chapter 11 bankruptcy protection on Monday, as the industry-wide crisis prompted following the crash that struck crypto giant FTX earlier this month. The latest news confirmed the report from mid-November.

In a regulatory filing filed with a New Jersey court, BlockFi said it had assets and liabilities worth between $1 billion and $10 billion. BlockFi was supposedly "rescued" through an FTX merger deal worth up to $240 million. However, it halted withdrawals days after November 11, when news of the FTX implosion came out.

The company joined several other crypto firms that went bankrupt throughout 2022 following a major selloff of the crypto market. These companies include Voyager Digital and Celsius Network. Cryptos saw slight losses following the news, hovering around levels recorded after the crash nearly three weeks ago.

Baha Breaking News (BBN) / ND