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Crypto Lender BlockFi Prepares for Potential Bankruptcy After FTX Collapse

BlockFi yesterday acknowledged considerable exposure in the form of not just assets on the exchange but also additional obligations owed to BlockFi by FTX, especially an undrawn line of credit from FTX, despite refuting rumors earlier that the majority of its assets were stored in FTX exchange.

BlockFi Inc. is now said to be in preparation for filing bankruptcy, as per the latest reports. The potential Chapter 11 filing by the ailing crypto lender comes soon after it temporarily halted client withdrawals last week owing to a “lack of clarity” over Sam Bankman-Fried’s FTX empire at the time.

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