BlockFi seeks protection as FTX collapse shakes crypto

Published November 28, 2022 9:48 AM

By MICHELLE CHAPMAN
AP Business Writer

Cryptocurrency lender BlockFi is filing for Chapter 11 bankruptcy protection as the fallout from the collapse of FTX continues. BlockFi said Monday that it was filing for bankruptcy protection to stabilize its business and give it the chance to perform a restructuring. FTX filed for bankruptcy protection earlier this month. At the time, BlockFi announced on Twitter that it wasn’t able to do business as usual and was pausing client withdrawals as a result of FTX’s implosion. BlockFi, which was bailed out by FTX early last summer, said it anticipates recoveries from FTX will be delayed.

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