VisualMod t1_iy5224e wrote on November 28, 2022 at 8:24 PM

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financialtimes OP t1_iy5238a wrote on November 28, 2022 at 8:25 PM

#742,200

BlockFi has filed for Chapter 11 bankruptcy, making the crypto lender backed by Peter Thiel’s venture capital firm the latest casualty of the fallout from the collapse of Sam Bankman-Fried’s FTX exchange.
The filing marks an unravelling several months in the making for New Jersey-based BlockFi, led by chief executive Zac Prince, which was valued at $4bn in a fundraising round last year. In July, it suffered losses on loans to the collapsed crypto hedge fund Three Arrows Capital, leading to a bailout this summer from Bankman-Fried. But FTX itself collapsed earlier this month, prompting BlockFi to pause lending and customer withdrawals.
Now the lender is the latest once high-flying crypto company to come crashing to earth as the collapse of Bankman-Fried’s crypto empire sends ripples through the digital assets industry.