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Crypto Lender BlockFi Prepares to Lay Off and File Bankruptcy Due to Significant FTX Exposure

Cryptocurrency lending platform BlockFi is reportedly preparing to file for chapter 11 bankruptcy, citing the company’s “significant exposure” to the...
Crypto Lender BlockFi Prepares to Lay Off and File Bankruptcy Due to Significant FTX Exposure Crypto Lender BlockFi Prepares to Lay Off and File Bankruptcy Due to Significant FTX Exposure

Cryptocurrency lending platform BlockFi is reportedly preparing to file for chapter 11 bankruptcy, citing the company’s “significant exposure” to the beleaguered crypto exchange FTX.

BlockFi Prepares to File for Bankruptcy

In July, crypto lender BlockFi received a $400 million revolving credit facility from FTX in an agreement that also gave the exchange an option to purchase the company. With FTX bankrupt, there seems to be trouble for BlockFi.

Despite BlockFi denying that it held most of its assets on the beleaguered FTX, sources familiar with the matter claim that the crypto lender is planning to lay off workers and is also exploring a bankruptcy filing.

Last week, the company paused withdrawals and limited activity on its platform, announcing that it couldn’t operate business as usual given the uncertainty about FTX. Withdrawals are still halted due to “significant” exposure to FTX.

BlockFi’s Financial Entanglement with FTX

In addition to the revolving credit BlockFi received from FTX, the lender on Monday, November 14th, acknowledged in an email to investors that it had assets on FTX and exposure to other associate corporate entities.

BlockFi also announced that it has an undrawn line of credit from FTX and obligations that FTX owed it. The company also took to Twitter to announce that it was “shocked and dismayed” by the failure of FTX and Alameda.

On the Flipside

  • According to Sam Bankman-Fried, the former CEO of FTX, the company still has enough assets to pay off its creditors, as he hopes to restart the exchange.

Why You Should Care

A bankruptcy filing from BlockFi would be due to the crypto lender’s significant financial entanglement with the now-bankrupt FTX.

Read more on BlockFi’s struggle in:

BlockFi has “Significant Exposure” to FTX, Denies Holding Majority of Assets on Exchange

Find out more on FTX’s financial situation in:

FTX Has Enough Funds to Compensate Customers – Sam Bankman-Fried Wants to Restart the Exchange

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

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Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (7)

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

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Indicators:

Buy (9)

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EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

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Gold Futures

2,295.80

-7.10 (-0.31%)

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Silver Futures

26.677

+0.023 (+0.09%)

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Copper Futures

4.5305

-0.0105 (-0.23%)

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↑ Buy

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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Natural Gas Futures

1.946

-0.009 (-0.46%)

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US Coffee C Futures

213.73

-13.77 (-6.05%)

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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↑ Sell

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S&P 500

5,035.69

-80.48 (-1.57%)

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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Hang Seng

17,763.03

+16.12 (+0.09%)

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↑ Sell

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Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

-246.40 (-2.22%)

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Neutral

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BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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↑ Sell

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Bayer AG NA

27.35

-0.24 (-0.87%)

Summary

↑ Sell

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Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

Summary

↑ Sell

Moving Avg:

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Adidas AG

226.40

-5.90 (-2.54%)

Summary

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Indicators:

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Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

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Siemens AG Class N

175.90

-1.74 (-0.98%)

Summary

↑ Sell

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Deutsche Bank AG

15.010

-0.094 (-0.62%)

Summary

Neutral

Moving Avg:

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Sell (8)

Indicators:

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Sell (2)

 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
Cập nhật 01-05-2024 10:45:19
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RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
DO 0.05S20.71021.120
DO 0,001S-V21.32021.740
Dầu hỏa 2-K20.68021.090
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USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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