The Wall Street Journal reported that BlockFi, which stopped withdrawals after FTX’s bankruptcy, will file for bankruptcy. BlockFi, which offers interest-bearing deposits and loans in crypto assets as well as trading cryptocurrencies, experienced a liquidity shortage due to the depreciation of cryptocurrencies, and got rid of a 400 million dollar loan agreement with FTX in July.
By the end of the second quarter, BlockFi had reached a total loan size of 1.8 billion dollars and a deposit size of 2.6 billion dollars. BlockFi raised 300 million dollars last year at a valuation of 3 billion dollars.
The turmoil in the cryptocurrency market, which started with the bankruptcy of FTX, continues unabated. BlockFi, which offers interest-bearing deposit and loan services as well as cryptocurrency trading, is preparing to file for bankruptcy. According to the news of The Wall Street Journal, which is based on sources close to the subject, the US-based BlockFi has prepared the necessary plans to fire its employees and file for legal bankruptcy.
Source: https://www.wsj.com/articles/blockfi-prepares-for-potential-bankruptcy-as-crypto-contagion-spreads-11668534824
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