FTX fall Domino  over Blockfi

About BlockFi

BlockFi is a crypto lending and trading platform founded in 2017 in New York, America.

What's the news?

FTX collapse has shattered  many crypto projects. BlockFi is on the list and may soon file for chapter 11 bankruptcy.

The Exposure

BlockFi accepted $400 million line of credit from FTX US after its faced heat in the LUNA crash.

The Lay-offs

The company has 300 full time employees. Although layoff aren't confirmed by BlockFi but it's likely to happen soon.

Halting Withdrawals

The company has paused customer withdrawals after  FTX crash. It does have enough liquidity to allow customer withdrawals as per sources.

Approaching Binance

BlockFi has approached Binance for help this week for a possible acquisition or help with funds.

FTX Ukraine Scandal

Checkout what's going on with FTX Ukraine money laundering scandal.

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