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Crypto lender BlockFi files for bankruptcy in New Jersey
(Reuters) - U.S. cryptocurrency lender BlockFi said on Monday it had filed for Chapter 11 bankruptcy protection along with eight affiliates in a New Jersey court, the latest casualty since FTX's collapse earlier this month triggered instability in the crypto market.
In a court filing, New Jersey-based BlockFi said it owes money to more than 100,000 creditors. It listed crypto exchange FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year.
The company's largest creditor is ...
https://finance.yahoo.com/news/crypto-lender-blockfi-files-bankruptcy-152617127.html
Comments
Very happy to say that I moved my funds out well before this current crisis…
I dislike being forced to click on the link and look at the article to find out. It reminds me of those teasers on TV like, "Toxic nerve gas leak flowing through local neighborhood. Find out which neighborhood at 11:00."
Here is the answer. According to the article linked above:
"The company's largest creditor is Ankura Trust, a company that represents creditors in stressed situations, and is owed $729 million."
@WhaleChart: "Binance cold wallet transferred all 127,351 BTC($2.06B) to a new address just now. As of now, no clarification has been given"
Never ending crypto collapse
Sad times for crypto.
Sad times for "crypto", good times for Bitcoin.
I like when Thiel looses money.
The more things like this happen , the more people become Bitcoin maximalists , including me
Bitcoin Booster Peter Thiel Takes a Hit in BlockFi Bankruptcy
https://www.wsj.com/articles/bitcoin-booster-peter-thiel-takes-a-hit-in-blockfi-bankruptcy-11669661422
https://cointelegraph.com/news/binance-ceo-explains-127k-btc-transfer-points-at-proof-of-reserve-audit
Few understand.
Has this been further confirmed?
@WatcherGuru : "JUST IN: BlockFi sues Sam Bankman-Fried to seize his $575 million stake in Robinhood, Financial Times reports."
@binance CEO Reply Tweet:
No sympathy from me.
I take gaslighting to also be a very big "stay away sign", as this guy just did.
The crypto winter claims Bitfront exchange as its latest casualty
New Delhi CNN Business —
Bitfront, a crypto exchange backed by Japanese social media app Line, is shutting down after failing to overcome turmoil in the industry.
The announcement by the US-based exchange comes at a time when the market for digital assets is grappling with financial contagion unleashed by the spectacular collapse of another crypto exchange, FTX.
Trading on Bitfront will be suspended by the end of the year and withdrawals on March 31, 2023, it said in a statement on its website Monday.
https://www.cnn.com/2022/11/29/business/bitfront-line-crypto-exchange-hnk-intl/index.html
My Binance account suddenly failed verification. I haven't been using it for months, I got an SMS it said my verification has been rejected even as I was using it during crypto heydays.