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First Mover Americas: BlockFi the Latest Chapter (11) in FTX Saga

Crypto lender BlockFi filed for Chapter 11 bankruptcy protection on Monday, saying it hoped to restructure while it continues its operations. BlockFi received a $400 million line of credit from bankrupt exchange FTX earlier this year and has about $257 million in cash on hand, according to a press release.

BlockFi sued FTX founder Sam Bankman-Fried for his Robinhood Market shares on Monday. Bankman-Fried, through his Emergent Fidelity Technologies holding company, pledged his stake in the online trading company as collateral for a loan.

Crypto exchange Huobi’s token, HT, climbs 15% over the past 24 hours after the firm announced a partnership with the Commonwealth of Dominica. Blockchain developer Tron and DMC Labs will issue a national token called dominica coin (DMC) and a digital identity, or DID. Huobi will provide Dominica DID status to every registered user.

(By Lyllah Ledesma)

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