It was the management team at BlockFi that was responsible for not wasting a single valuable moment and took the opportunity to create and implement alternate methods and measures so as to be able to effectively protect all of its clients from the adverse effects of the FTX bankruptcy and all associated issues.

In the opinion of the company, and as an integral aspect of the reformation initiative process linked with the present scenario, it has firmly decided to turn all its attention towards the recovery of all of its present obligations, which in turn are due to BlockFi. This includes all of the connected counterparties. Also in the fray are the FTX and connected corporate bodies.

However, despite all of these remedial measures, the company still has its apprehensions regarding the time factor that is sure to be taken into consideration in terms of making viable recoveries from FTX on the whole. 

Moreover, in their opinion, the FTX bankruptcy scenario will undoubtedly be a lengthy and arduous process, and therefore, in order to avoid being overly impacted by the associated negativity, it is necessary to take the appropriate steps in the meantime. As a preventive move, the company has decided to legally submit a series of conventional motions in a court of law to enable them to carry out their operations without interruption.

(By Roxanne Williams)