BlockFi announced on November 28 that it had filed for Chapter 11 bankruptcy. The corporation and its eight subsidiaries are the subjects of a bankruptcy application to the United States Bankruptcy Court for the District of New Jersey. People have been discussing FTX’s finances for days after the company’s collapse.
According to a release, BlockFi has $256.9 million in cash. To “keep employee salary and benefits in place without delay,” it has filed the proper documents. It has also created a strategy to minimize costs and “create a Key Employee Retention Plan to ensure the company stays strong.”
This message also includes news that BlockFi International has submitted a bankruptcy request to the Supreme Court of Bermuda.