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BlockFi filed for Ch 11 Bankruptcy in NJ on Cyber Monday, after halting withdrawals on November 10. The SEC and various state regulators put a real damper on their business when it was sued for $100 million, and forced to shut down its interest accounts in the US. BlockFi nearly went bankrupt in July, and FTX swooped in and offered a $400 million line of credit, and an offer to buy the Company for up to $240m.
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BlockFi filed for Ch 11 Bankruptcy in NJ on Cyber Monday, after halting withdrawals on November 10. The SEC and various state regulators put a real damper on their business when it was sued for $100 million, and forced to shut down its interest accounts in the US. BlockFi nearly went bankrupt in July, and FTX swooped in and offered a $400 million line of credit, and an offer to buy the Company for up to $240m.