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Crypto finance firm BlockFi files for bankruptcy following the fall of FTX

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The ‘contagion’ of failed crypto firms has claimed another casualty as BlockFi cites its financial entanglements with FTX.

BlockFi has become the latest crypto firm to file for Chapter 11 bankruptcy a couple of weeks after pausing withdrawals on November 10th. The company is citing a “lack of clarity” around the circumstances of FTX, the collapsed firm going through its own bankruptcy process amid accusations of fraud and shoddy record-keeping. In a press release posted on Monday, BlockFi announced it’s filing for bankruptcy to help “stabilize its business.”

Source:theverge.com

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